4th Mar 2025 12:38
(Alliance News) - HSBC Holdings PLC has launched a search for a new head for its UK business after announcing that current chief executive Ian Stewart is taking on a newly-created role, in the latest reshuffle for the changing bank.
Stewart's new job title will be group customer and culture director.
The position will report directly to the global banking group's Chief Executive Officer Georges Elhedery, who has spearheaded sweeping changes since taking on the top job in September last year.
In his new role, Stewart 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", according to Elhedery.
He added that a "customer-centric, high-performance culture" is "vital to the long-term success of HSBC".
HSBC said a process to appoint a new chief executive of HSBC UK is now under way.
Once a replacement has been found, Stewart will take on the new group role.
HSBC has been undergoing big changes to its leadership and structure under Elhedery.
The number of geographical units are being reduced from five to two under the reorganisation, while new units split parts of the bank into east and west.
It has also kicked off a round of job cuts in the UK and worldwide as it winds down parts of its investment banking operations.
The changes form part of plans to make cost savings worth USD1.5 billion by the end of 2026.
HSBC shares fell 1.5% to 928.10 pence each on Tuesday afternoon in London.
By Anna Wise, PA Business Reporter
Press Association: Finance
source: PA
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