HSBC FINANCE CHIEF PAM KAUR TO STEP DOWN AFTER TWO YEARS

Pam Kaur, chief financial officer of HSBC, will step down from her role during 2027 and will not stand for re-election at the bank's annual general meeting next spring. Kaur, who has held the position since January 2025, becomes HSBC's first female finance chief. Chief executive Georges Elhedery praised her "deep experience, strong judgement and firm commitment to financial discipline" and said he was "pleased" her advisory role would continue as she transitions to her successor. A source close to the bank stated that Kaur's departure was not connected with the appointment of chairman Brendan Nelson, who was given the role on a permanent basis in December after a seven-month search.

Kaur joined HSBC in April 2013 as group head of audit and previously served as chief risk and compliance officer before her promotion to finance chief. She has been with the company for 13 years. Her appointment marked a significant moment in the bank's 160-year history. The share price roughly doubled under her stewardship, though shares in the company fell around 1.4 per cent on news of her departure, wiping approximately £3.7bn from its market value, according to one report. HSBC is Britain's most valuable company, with a market capitalisation of around £265bn.

Kaur said it was "the right time to embrace new leadership opportunities and apply my experience in a different context". The bank has commenced a recruitment process for her successor and is considering both internal and external candidates. HSBC, which makes most of its income in Asia, has undergone significant restructuring under Elhedery, including splitting the group into East and West divisions, cutting costs and selling global operations.