Chief Of HSBC’s Wealth And Personal Banking Nuno Matos Exits

Nuno Matos, the Chief of HSBC’s Wealth and Personal Banking division, is departing the Asia-focused bank, marking a significant shift as Georges Elhedery steps in as the new Chief Executive Officer (CEO). Matos, who was considered for the CEO role, will be succeeded by Barry O’Byrne, the current Head of Commercial Banking.

This leadership change comes as HSBC aims to strengthen its wealth management strategy, which is central to its growth in fee-based income.

Elhedery appears to be prioritising continuity rather than major changes in the wealth business. Matos is expected to remain in an advisory role at HSBC until 2025, before his final departure. Additionally, John Hinshaw, Group Chief Operating Officer, and Elaine Arden, Group Chief Human Resources Officer, are also set to leave.

Elhedery, who takes over from Noel Quinn, is restructuring roles within the Group Executive Committee, appointing Stuart Riley to an expanded Group Chief Information Officer role while searching for a new Group Chief Operating Officer. These changes leave Elhedery with three critical positions to fill early in his tenure.