Banking
HSBC appoints insider John Shipman as interim CEO of Swiss Private Bank
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(Reuters) – HSBC on Tuesday appointed insider John Shipman as interim CEO of its Swiss Private Bank and country head of HSBC Switzerland, effective Jan. 1, 2025.
(Reuters) – HSBC on Tuesday appointed insider John Shipman as interim CEO of its Swiss Private Bank and country head of HSBC Switzerland, effective Jan. 1, 2025.
Shipman succeeds Gabriel Castello, who was appointed earlier this month as interim CEO of HSBC’s global private banking, following a broader restructuring by CEO Georges Elhedery to streamline costs and improve decision-making.
Shipman, who spent over six years as chief risk officer at HSBC’s Swiss Private Bank, will continue to report to Castello.
HSBC is the largest foreign-headquartered private bank in Switzerland by client assets.
In October, HSBC unveiled a plan to merge some operations and split its geographic footprint into East and West, removing duplicate roles as it focuses on Asia to cap costs and bolster income.
The recent revamp, one of the largest in years for the London-headquartered bank, has seen a steady flow of senior managers depart in recent weeks as Elhedery sought to create a simpler and more dynamic organisation.
(Reporting by Nilutpal Timsina in Bengaluru and Dave Graham; Editing by Vijay Kishore)
A CEO, or Chief Executive Officer, is the highest-ranking executive in a company, responsible for making major corporate decisions and managing the overall operations and resources of the organization.
Private banking refers to personalized financial services and investment advice offered to high-net-worth individuals, typically involving wealth management and tailored financial solutions.
Cost streamlining is the process of reducing expenses and improving efficiency within an organization, often through restructuring or eliminating unnecessary roles to enhance profitability.
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