HSBC’s Wealth and Personal Banking Chief, Nuno Matos, is set to leave the bank, marking a significant change in leadership just as Georges Elhedery prepares to take over as CEO. Barry O’Byrne, currently leading HSBC’s Commercial Banking division, will succeed Matos, the bank announced on Thursday.
Matos, who was in the running for the CEO position before losing out to Elhedery, will remain in an advisory role through 2024 before departing in 2025. The wealth division, now under O’Byrne’s leadership, is crucial to HSBC’s strategy to boost fee-based income, especially as revenue from lending is expected to decline with global interest rate cuts.
The leadership transition reflects Elhedery’s intent to maintain strategic continuity rather than implement a major overhaul. This reshuffle also sees John Hinshaw, Group Chief Operating Officer, and Elaine Arden, Group Chief Human Resources Officer, leaving the bank.
HSBC will soon appoint a new Group Chief Operating Officer and has already named Stuart Riley as the expanded Group Chief Information Officer, overseeing Data and Innovation.
As Elhedery steps into his new role, he faces the challenge of filling several key positions while navigating complex geopolitical and economic landscapes.
