HSBC Holdings PLC COO Andy Maguire and Chief Risk Officer Marc Moses are set to leave the group as part of a management shakeup as part of interim CEO Noel Quinn's "next phase of the bank."
Maguire, who took on the role in December 2014, will retire on Jan. 30, 2020, before leaving the group on June 9, 2020. The London-based group appointed John Hinshaw to succeed Maguire on Feb. 1, 2020. Hinshaw, who most recently served as an executive vice president of U.S. tech company Hewlett Packard Enterprise Co., will become COO-designate on Dec. 10.
Meanwhile, Moses will leave the bank's board and as group chief risk officer at 2019-end. He will retire from HSBC on Dec. 9, 2020. Pam Kaur, presently head of wholesale market and credit risk, will replace Moses, effective Jan. 1, 2020.
Samir Assaf will vacate his post as CEO of the group's global banking and markets business on March 1 and take on the new role of chairman of corporate and institutional banking. Georges Elhedery and Greg Guyett will become co-heads of the global banking and markets arm and join the group's management board.
A restructuring of HSBC's investment banking division had been expected after Quinn said during a third-quarter earnings presentation that the global banking and markets division was "not producing acceptable returns."
Quinn became acting CEO in August following the departure of John Flint and is said to be eyeing the job permanently. Among those also reported to be in running for the top job are Ewen Stevenson, currently CFO, and Andrea Orcel, former investment bank head of UBS Group AG and the man Banco Santander SA had hired as CEO before the Spanish bank chose to reverse the decision.