In a historic move, HSBC Holdings, the global financial giant with a 160-year legacy, has named Pam Kaur as its first-ever female Chief Financial Officer (CFO). At 60, Kaur steps into this pivotal role, succeeding Georges Elhedery, who recently transitioned to become the company’s CEO. Kaur’s appointment signals a significant milestone for HSBC, as she becomes the first woman to hold this executive position.
Elhedery expressed confidence in Kaur’s leadership, stating, “We had a strong pool of internal and external candidates, but Pam stood out as the exceptional choice for the Board.”
Who is Pam Kaur?
Pam Kaur, a well-known figure within HSBC, previously served as the bank’s Chief Risk and Compliance Officer. Since joining HSBC in April 2013 as Group Head of Internal Audit, Kaur has held several high-ranking roles within the organization. In 2019, she was appointed Head of Wholesale Market and Credit Risk and became Chair of the enterprise-wide non-financial risk forum. By January 2020, she advanced to Group Chief Risk Officer, further adding compliance responsibilities to her portfolio in June 2021.
Kaur’s career path spans over three decades, with significant leadership roles at major financial institutions such as Deutsche Bank, Royal Bank of Scotland, Lloyds TSB, and Citibank, where she started her journey in internal audit.
Kaur is also a Chartered Accountant (CA), having qualified at Ernst & Young, and holds an MBA in Finance and a Bachelor of Commerce (Hons) from Panjab University, India. She is a Fellow of the Institute of Chartered Accountants in England and Wales and currently serves as a non-executive director for Abrdn plc.
HSBC Restructuring Plans
Alongside Kaur’s appointment, HSBC has announced a major restructuring of its global operations, effective January 1, 2025. The bank plans to consolidate its services into four main divisions: the Hong Kong division, the UK division, corporate and institutional banking, and international wealth and premier banking.
This restructuring includes merging HSBC’s commercial banking operations (excluding the UK and Hong Kong) with its global banking and markets business. The newly formed corporate and institutional banking unit will oversee wholesale banking activities in key Western markets, including the US, UK, and Europe.
According to CEO Georges Elhedery, the reorganization aims to streamline HSBC’s structure, making it more agile and better positioned to focus on strategic priorities. HSBC remains committed to expanding its presence in high-growth regions like Asia while scaling down its operations in Western markets, including Canada, France, and the US.
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