LONDON (Reuters) – HSBC’s chief executive Nuno Matos will step down from his role, which will be taken over by Barry O’Byrne, currently chief executive of the commercial bank, HSBC said in a statement on Thursday.
The wealth management business, which Barry O’Byrne will lead, is at the heart of HSBC’s global strategy to grow fee income at a time when the main source of revenue is set to decline due to lower rates from global central banks.
HSBC aims to double assets under management at its UK wealth management business to 100 billion pounds ($140 billion) over the next five years, Reuters reported earlier this month.
Nuno Matos will remain as an advisor before leaving the group in 2025. Barry O’Byrne’s successor as CEO of the commercial bank will be announced in due course.
The bank also announced that John Hinshaw, group chief operating officer, and Elaine Arden, group human resources director, both members of the executive committee, were leaving the group.
The changes come as the group’s new CEO, Georges Elhedery, is due to take up his duties on September 2.
Some shareholders fear his arrival could lead to further management upheaval, Reuters reported last month.
(Reporting by Sinead Cruise and Lawrence White; editing by Kate Entringer; by Elena Smirnova)
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