HSBC on the hunt for new UK boss after another leadership reshuffle

HSBC is searching for a new chief executive of its UK business after current boss Ian Stuart was shifted to a new role under the lender’s latest management reshuffle.

The banking giant said Stuart would become group customer and culture director, a newly created role, after almost eight years leading HSBC in the UK.

It follows a major organisational shake-up launched in October and forms part of efforts under new boss Georges Elhedery to make the lender ‘simpler, more dynamic and agile’.

HSBC UK, as well as its Europe and US businesses, are undergoing substantial change, with the bank preparing to wind up its mergers and acquisitions and equity capital markets units in each territory.

The major overhaul will see the Asia-focused bank create a geographic split between East and West.

HSBC has also been cutting jobs as part of a £1.2billion cost saving push, and recently abandoned its goal of achieving net-zero carbon emissions across the business by 2030.

In his new role, Stuart will ensure the voice of customers is ’embedded at the heart of the bank’s strategy’ and the ‘financial needs of customers are being met through the development of market-leading products and propositions globally’, HSBC said.

He will report directly to Elhedery, who told shareholders on Tuesday that a ‘customer-centric, high-performance culture is the foundation of delivering exceptional outcomes for our customers’.

He added: ‘It builds trust, enhances experiences, and ensures customer satisfaction whilst empowering our colleagues to meet customer needs, drive innovation, and unlock new opportunities. This is vital to the long-term success of HSBC.

‘In this new role, Ian will consistently challenge the Group Operating Committee in shaping the culture, ensuring that the voice of the customer informs every decision and action we take.’

The bank said it would update investors on Stuart’s replacement as UK CEO ‘in due course’.

HSBC shares were down 1.6 per cent by midafternoon on Tuesday. They have added more than 50 per cent over the last 12 months.