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Nuno Matos, HSBC’s head of wealth and personal banking who had been a leading contender to become chief executive, will leave the bank in a broader management shake-up as Georges Elhedery prepares to step up to the top job.
The Portuguese executive will leave the group in 2025 “to pursue other opportunities”, the bank said on Thursday. Matos will be replaced by Barry O’Byrne, who currently leads HSBC’s global commercial banking division and will remain based in Hong Kong, a crucial market for the bank.
Matos, who joined HSBC from Santander in 2015, quickly emerged as one of the top candidates for the CEO role after current chief Noel Quinn announced his retirement in April.
The bank in July appointed chief financial officer Elhedery to be CEO starting from September.
Matos has held a number of roles during his nine years at HSBC, including CEO of its Mexico business and regional head of retail banking and wealth management in Latin America.
In 2021 he was appointed head of HSBC’s lucrative wealth and personal banking business, which last year accounted for 41 per cent of HSBC’s revenues. Colleagues said he built a reputation in part by controlling costs, now a high priority for the bank.
Matos and O’Byrne relocated to Hong Kong in 2021 as part of a push by UK-based HSBC to move top executives to the territory. O’Byrne joined the bank in 2017 from GE Capital as chief operating officer for global commercial banking before being elevated to lead the division.
HSBC also announced on Thursday that chief operating officer John Hinshaw would leave the bank after five years, with his responsibilities to be carved up into two separate roles.
Stuart Riley will become chief information officer, overseeing data and innovation, an expanded remit that indicates how technology is becoming a higher priority for the bank’s leadership. The remaining COO responsibilities will be carried out by Suzy White on an interim basis.
Elaine Arden, HSBC’s chief human resources officer, is also leaving the bank after seven years in the role and will be replaced by Aileen Taylor, currently company secretary and chief governance officer.
“I am really looking forward to working with Barry, Aileen, Stuart and Suzy, as we pursue the next phase of our growth,” Elhedery said in a statement. “It has been a pleasure working with Nuno, Elaine and John. I wish them every success in the future.”
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