Nuno Matos, HSBC’s CEO of Wealth and Personal Banking, is set to leave in 2025 with Barry O'Byrne, current CEO of Global Commercial Banking, as replacement.
Matos was a top contender to replace Noel Quinn, former Group CEO who announced his retirement in April this year, but lost out to Georges Elhedery, previous Group CFO of the bank, for the top appointment.
The wealth business, which accounts for 41% of HSBC’s revenue, is part of the bank’s broader strategy to grow fee-based income amidst a downturn in other sources of revenue, FT and Reuters reports. Matos and O’Byrne were both relocated to Hong Kong in 2021, with the latter set to remain in the city after stepping into Matos’s shoes. Hong Kong and Mainland China account for approximately 80% of HSBC’s revenue, FT reported in 2020. But the bank plans to double the assets its UK wealth division manages to £100 billion within the coming five years, Reuters reports. This comes as the proposal to split off HSBC's Asia operations, brought forward by the bank's largest shareholder Ping An, was defeated in HSBC's annual general meeting in May 2023.
Three of HSBC’s twenty largest shareholders have expressed concerns of managerial upheaval earlier this year, and Matos’s departure is exacerbated by the interim nature of executive appointments over the Group CFO and Global Banking & Markets COO positions, respectively taken up by Jonathan Bingham and Suzy White. But Reuters reads the internal appointment of O’Byrne as a sign of continuity in strategy.
Georges Elhedery will officially take over the position of Group CEO on Monday, 2 Sep.
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