In a significant reorganization, HSBC hires its first female finance boss

As its new boss shakes up the company, HSBC has announced the appointment of its first female finance chief in the bank’s 159-year history.

Pam Kaur is the bank’s chief risk and compliance officer and has been there for over ten years.

In addition, Georges Elhedery, the CEO of HSBC, revealed intentions to restructure the UK-based financial behemoth in order to “unleash our full potential and drive success into the future.”

Mr. Elhedery is under pressure to manage tensions between China and the West, reduce expenses, and boost profitability.

Ms. Kaur will serve as HSBC’s chief financial officer and executive director of the board, a position that will be elected at the company’s upcoming annual general meeting.

“We had a strong bench of internal and external candidates to choose from and Pam was the exceptional candidate,” said Elhedery.

The bank will establish distinct business entities in Hong Kong and the UK as part of the shakeup strategy. Additionally, there will be two other operations: “international wealth and premier banking” and “corporate and institutional banking.”

These activities will be classified as either “western markets,” which comprise the UK, continental Europe, and the Americas, or “eastern markets,” which include the Asia-Pacific area and the Middle East.

“The new structure will result in a simpler, more dynamic, and agile organisation as we focus on executing against our strategic priorities, which remain unchanged,” said Elhedery.