HSBC UK begins search for new CEO as Stuart moves to customer and culture role

HSBC has announced that its UK CEO, Ian Stuart, has been appointed to the newly created role of group customer and culture director.

He will take on the role subject to the appointment of his successor as CEO of HSBC UK. The bank confirmed that the process to appoint Ian’s successor is underway and an update will be provided in due course.

In his new role, Ian will report into group CEO, Georges Elhedery, to ensure the financial needs of customers are being met through the development of new products and propositions globally.

HSBC says the appointment will support the "continued execution of the bank’s strategy which will see HSBC become a simpler, more dynamic, agile organisation by operating through four key businesses". 

In January, a leaked memo revealed that HSBC is planning to shut down some of its investment banking operations in the UK, Europe and the Americas to focus on its core markets in Asia and the Middle East.

The bank is expected to wind down its mergers and acquisitions (M&A) advisory and equity capital markets businesses in these regions in the coming months.

The internal memo confirmed that HSBC will no longer provide equity underwriting and advisory services outside of its core operations in Asia and the Middle East.

As part of Ian Stuart's appointment announcement, HSBC announced that "changes are being completed at pace and will create a more focused organisation built on its core strengths, delivering strategic growth for our customers and shareholders".

Georges Elhedery, group chief executive, said: “A customer-centric, high-performance culture is the foundation of delivering exceptional outcomes for our customers. 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. I look forward to seeing Ian’s impact across the Group.”