HSBC's global private wealth head to depart amid latest shakeup

HSBC Holdings Plc said Annabel Spring, the lender’s global head of private banking and wealth, would depart after it decided to split up her role in the latest management shake-up under new Chief Executive Officer Georges Elhedery. 

Spring’s responsibilities overseeing private banking and wealth management will be divided between Gabriel Castello and Lavanya Chari, respectively, the London-based lender said Thursday in a statement. 

The changes come after HSBC asked hundreds of senior bankers to reapply for jobs as Elhedery has been spearheading a rapid restructuring of the bank since taking over the top job in September. As part of that effort, the CEO already cut the company’s management board by about a third and reorganized the bank into four new divisions, a move he said would simplify operations.

“The process has been measured, thoughtful and fair,” Elhedery said in a separate statement. “We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities.” 

Spring isn’t the first senior female executive to depart. Last week, group sustainability officer, Celine Herweijer, announced she would be leaving the bank as well.

Other senior managers, including Stephen Moss, head of the Middle East, North Africa and Turkiye region, Colin Bell, who ran the bank in Europe, and Nuno Matos, global head of wealth and personal banking have also exited.

Latest Changes

Castello was appointed interim chief executive officer of the global private banking business, while Chari was named head of wealth and premier solutions. They will both report to Barry O’Byrne, who Elhedery picked to lead the broader international wealth and premier banking business. 

Within the newly formed corporate and institutional banking division, which is now led by Michael Roberts, the bank said Matthew Ginsburg, who was previously the bank’s top Asia dealmaker, confirmed he’s still planning to retire from HSBC in March. 

Adam Bagshaw will be the sole global head of investment banking. 

Gerry Keefe is now head of banking in both Europe and the Americas, while Jo Miyake will lead that business in Asia and the Middle East. The two executives will jointly oversee the multinational and international subsidiary banking business and credit and lending. 

Further changes are expected as managers get to work putting in place the bank’s new structure, which involves merging its worldwide commercial and investment banking arms, creating an international wealth and premier banking unit, while hiving off its Hong Kong and UK businesses as standalone operations.

HSBC will update the market in February alongside its full-year results with the financial impact of the changes it is putting in place. 

“The new structure will ensure we can better focus on the businesses where we have clear competitive advantage and the greatest opportunities to grow,” Elhedery said in the statement.