Finance
HSBC Wealth Head, COO Leave as Incoming CEO Elhedery Makes Mark
- Nuno Matos to depart after missing out on the CEO role
- Commercial banking boss Barry O’Byrne to replace Matos
This article is for subscribers only.
HSBC Holdings Plc said the head of its wealth unit, chief operating officer and head of human resources are departing in the first major shakeup since Georges Elhedery was named as chief executive last month.
Nuno Matos, who was a contender for the CEO role, is exiting after nine years, the London-based group said Thursday. He quickly rose through the ranks of the lender to eventually run its wealth and personal banking divisions that generate about 40% of the bank’s revenues. Matos will be replaced by Barry O’Byrne, who currently leads HSBC’s global commercial banking business.