GLOBAL banking giant HSBC has appointed British Indian Pam Kaur as its first female chief financial officer.
Kaur, 60, a veteran in the financial sector, will assume her new role on January 1, 2025. Her appointment comes after nearly 12 years at HSBC, where she held several senior positions, including group chief risk and compliance officer.
In her new role, she will be responsible for overseeing the bank's financial strategy and operations at a crucial time for the banking sector.
The appointment marks a historic milestone for the bank as Kaur will be the first woman to hold the CFO position in the firm's 160-year history.
Her appointment follows the recent leadership changes at HSBC, which saw former CFO Georges Elhedery promoted as CEO in July. Kaur will take over from Jon Bingham, who has been serving as interim CFO.
London-based Kaur's career spans almost four decades, during which she has built a portfolio of expertise in financial management, risk, and compliance. She joined HSBC in 2013 as global head of group audit and quickly rose through the ranks, playing a pivotal role in strengthening the bank's internal control systems and risk management frameworks.
A graduate of Panjab University in India and an MBA in Finance, Kaur also holds a qualification as a Chartered Accountant from Ernst & Young. She began her career in internal audit at Citibank and went on to serve in key roles at major financial institutions, including Citigroup, Lloyds Banking Group, Royal Bank of Scotland and Deutsche Bank.
Before joining HSBC, Kaur held senior positions at RBS as chief financial officer and chief operating officer for the restructuring and risk division. She also led compliance and anti-money laundering initiatives at Lloyds Banking Group.
According to reports, her extensive experience in audit, compliance, and risk management has made her a trusted leader within HSBC.
In a LinkedIn post from three years ago, she stressed the importance of continuous learning and staying agile in a fast-changing world.
“The world around us is changing faster than ever before. We all need to evolve and thrive in a dynamic culture where we’re developing future-ready skills,” she wrote.
Meanwhile, HSBC unveiled plans to simplify its structure from next year in the first major change under Elhedery.
The London-headquartered business will be split into four distinct parts: Hong Kong, UK, Corporate and Institutional Banking plus International Wealth and Premier Banking.
HSBC added in a statement that is was also simplifying the bank's geographical organisation, bringing together the Asia-Pacific and Middle East regions, while bringing the European and US operations under one roof.
"By making these changes, we can better focus on increasing leadership and market share in those businesses which have clear competitive advantage and the greatest opportunities to grow," Elhedery said in the statement.
"The creation of a new international wealth and premier banking division signals HSBC's intent to be the bank of choice for the rich," noted Russ Mould, investment director at AJ Bell trading group.
"The Middle East is expected to be a major opportunity for the group given its significant wealth and HSBC will want to have people on the ground ready to serve."
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said cost-cutting was "a big driver" of the changes.
She added that "fresh efficiencies (are) likely through the simplification of its geographical structures and the merger of its commercial and institutional banking operations".
(with inputs from agencies)
