BANKING behemoth HSBC’s history-making new chief financial officer Pam Kaur is a battle-hardened risk and audit veteran who credits her success to the ‘Power of Chi’.
The first woman to occupy the role in the bank's 160-year history, she has observed at close quarters the challenges HSBC faces, as it navigates a more fractious relationship between China and the West and recalibrates its strategy.
Indian-born Kaur joined HSBC from Deutsche Bank in April 2013, rising from group head of audit to the role of group chief risk and compliance officer before landing her latest promotion in a sweeping revamp announced in October last year.
As CFO, Kaur's influence extends beyond traditional financial oversight. She serves as an executive director of the board of HSBC Holdings and oversees global sustainability and group external communications, making her one of the most influential figures in HSBC’s leadership.
The London-based executive, who holds an MBA from India's Panjab University, previously held senior risk and audit positions at Citi and Lloyds Banking Group before a crisis-era stint at bailed-out UK lender Royal Bank of Scotland.
A qualified chartered accountant, she has strong technical knowledge and experience in treasury, capital, balance sheet and risk management. Kaur has served on HSBC’s group executive committee for over a decade and brings a global perspective and an appreciation of the strategic challenges and opportunities, locally and globally, facing the banking industry in general and HSBC in particular.
Her appointment comes as HSBC implements a major restructuring, splitting into four distinct parts: Hong Kong, UK, corporate and institutional, and international wealth and premier banking. This strategic recalibration aims to make HSBC leaner, more agile, and focused on its most profitable markets.
HSBC has been doubling down on Asia, where it generates the majority of its revenue. However, this regional pivot comes with complexities – particularly the delicate balancing act between China and the West.
As CFO, Kaur’s expertise will be key in aligning financial strategy with the bank’s evolving priorities.
Posts on professional networking platform LinkedIn offer a glimpse into Kaur's likely management style, with courage and confidence described as staples of successful leadership under a ‘Power of Chi’ – or positive energy – management framework.
Kaur describes herself as a “passionate supporter of diversity and inclusion” and a global sponsor of HSBC's Embrace employee network which helps attract, retain and engage a more diverse ethnic and multicultural workforce among the lender's 225,000 staff worldwide.
Beyond the immediate challenges of the CFO role, Kaur is seen by some as likely to push for increased momentum in the bank’s efforts to narrow its gender pay gap. With a reported 43.2 per cent gender pay gap in 2023 – one of the widest in banking – Kaur’s leadership could be pivotal.
