Contact Members/Sign Up Reg Form

HSBC Appoints Pam Kaur as First Female CFO Amid Major Restructuring Efforts

Photo : Reuters

HSBC Holdings has made a significant announcement by appointing Pam Kaur as its first female Chief Financial Officer (CFO). This decision comes as part of a broader restructuring initiative aimed at streamlining the bank's operations into four distinct business units. Kaur replaces Georges Elhedery, who recently took over as CEO earlier this year.

Stay informed with the latest news. Follow DXB News Network on WhatsApp Channel 

Effective January 1, 2025, HSBC will reorganize its operations into four key segments: Hong Kong, the UK, corporate and institutional banking, and international wealth and premier banking. This restructuring is designed to create a more efficient and focused organization, aligning with the bank's strategic goals.

In addition to forming these business lines, HSBC is consolidating its commercial banking operations outside the UK and Hong Kong, integrating them with its global banking and markets business. The newly established corporate and institutional banking unit will also encompass wholesale banking activities primarily in Western markets, which include the UK non-ring-fenced banks, Europe, and the Americas.

In a statement, CEO Elhedery expressed that this new organizational structure aims to foster a simpler, more dynamic, and agile bank as they continue to pursue their strategic priorities, which remain unchanged despite the restructuring. He acknowledged the challenges faced by the banking sector, particularly rising costs and the need for improved expense management, especially for Europe's largest lender.

With approximately 214,000 employees globally, HSBC has been working to eliminate duplicate roles and has been scaling back operations in Western markets like the United States, France, and Canada. The bank is now shifting its focus towards Asia and other markets where it has established a strong presence.

Pam Kaur, aged 60, has been with HSBC since April 2013, serving as the Chief Risk and Compliance Officer. Before her tenure at HSBC, she held significant roles at major global financial institutions, including Citigroup and Deutsche Bank, where she oversaw compliance and auditing functions. Her promotion to CFO reflects HSBC's commitment to continuity and its shift towards growth amidst rising geopolitical risks and an anticipated end to interest rate hikes.

Following Kaur’s appointment, Jon Bingham, who served as interim Group CFO, will revert to his previous role as Global Financial Controller.

Elhedery noted that there was a strong pool of internal and external candidates for the CFO position, emphasizing that Kaur stood out as the exceptional choice recommended to the Board. Her leadership and extensive experience in the banking sector are expected to play a crucial role in guiding HSBC through its transition and future growth.

Oct. 22, 2024 1:05 p.m. 532

#trending #latest #HSBC #PamKaur #CFO #BankingRestructure #WomenInLeadership #FinancialServices #CorporateBanking #DiversityInFinance #LeadershipChange #GlobalBanking #headlines #topstories #globalUpdate #dxbnewsnetwork #dxbnews #dxbdnn #dxbnewsnetworkdnn #bestnewschanneldubai #bestnewschannelUAE #bestnewschannelabudhabi #bestnewschannelajman #bestnewschannelofdubai #popularnewschanneldubai

Family Care Authority and UAE Climate Group Host Nature-Inspired Events

uae news / uae-national
Feb. 6, 2025 5:21 p.m. 363

This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community...Read More.

12th UN-GGIM Arab States Committee Meeting Ends in Jeddah

global news / world news
Feb. 6, 2025 5:09 p.m. 362

The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial...Read More.

Family Care Authority and UAE Climate Group Host Nature-Inspired Events

This initiative supports the Abu Dhabi Wellbeing Strategy, improving quality of life and family wellbeing in our community

12th UN-GGIM Arab States Committee Meeting Ends in Jeddah

The meeting reviewed the Arab Committee's 2024 annual report, monitored progress across working groups, and discussed international contributions to geospatial

Priyanka Chopra Stuns in Pink Diamond Necklace at Brother’s Wedding

Priyanka Chopra dazzles in floral corset lehenga and rare pink diamond necklace at her brother Siddharth's wedding

The Chedi unveils debut Dubai launch with exclusive standalone residences

These homes offer villa-sized layouts with 3.2-meter high ceilings, private entrances, and large terraces with stunning panoramic views of the Dubai skyline

Kasco Developments launches its third residential project in Dubai

Located along Al Jaddaf Waterfront, Volna is an 11-floor building with 65 well-designed homes

Google unveils Thinking model with Gemini after OpenAI, DeepSeek

Google has launched the Gemini 2.0 Flash Thinking Experimental model for app and desktop users

Google Stops Diversity Hirings After Trump's Sledgehammer on DEI Policies

Google stated it is reviewing Trump’s policy changes, which aim to limit DEI efforts in the government and among federal contractors

Ozzy Osbourne to reunite with Black Sabbath after 20 years apart

Black Sabbath's original lineup, featuring Ozzy Osbourne, will reunite for a one-off concert in Birmingham, England, on July 5, marking their first performance

UAE Top Bank FAB Surpasses Q4 Revenue Estimates with Strong Performance

First Abu Dhabi Bank (FAB), the UAE's largest lender by assets, exceeded fourth-quarter profit forecasts on Thursday, fueled by a strong double-digit revenue gr

Oscars Frontrunner ‘Emilia Perez’ Faces Major Setback in Award Season

After a record number of Oscar nominations, ‘Emilia Perez’ faces scandal due to past social media posts by star Karla Sofia Gascon.

Get In Touch

3001E, 30 Floor, Aspin Commercial Tower, Sheikh Zayed Road, Dubai, UAE

+971 52 602 2429

info@dxbnewsnetwork.com

LAUNCH OF DNN
Follow Us

© DNN. All Rights Reserved.