HSBC wealth CEO Matos steps down as bank unveils major executive shake-up

LONDON :HSBC’s CEO of Wealth and Personal Banking, Nuno Matos, is resigning to pursue other opportunities, the Asia-focused bank said on Thursday as it unveiled a significant shake-up in its leadership team on the eve of Georges Elhedery starting as CEO.
Hong-Kong-based Matos, who joined HSBC in 2015, was among the internal candidates in the running to take over from Noel Quinn as group CEO, before the board appointed chief financial officer Elhedery last month, sources told Reuters at the time.
Matos was a member of the bank’s 18-strong group executive committee and has served in several of its largest regions, including Europe and Latin America.
Barry O’Byrne, Chief Executive Officer, Global Commercial Banking (CMB), will suceed Matos, who is expected to serve in an advisory capacity throughout 2024 before leaving the group in 2025.
John Hinshaw, HSBC group chief operating officer, has also decided to leave the group to pursue other opportunities, the bank said.
Elhedery, who takes over the reins officially on Monday, will split the responsibilities between two new Group Executive Committee level roles – an elevated and expanded role of Group Chief Information Officer, (GCIO), and a newly defined Group Chief Operating Officer (GCOO), HSBC said.
Stuart Riley has been appointed to the expanded GCIO role, which will assume responsibility for Data and Innovation. The remaining Group COO accountabilities will become the responsibility of the new GCOO, who will be appointed at a later date.
(Reporting By Sinead CruiseEditing by Tommy Reggiori Wilkes)