Andy Maguire to step down as HSBC Chief Operating Officer

Maria Nikolova

John Hinshaw will be joining HSBC as Group Chief Operating Officer designate on December 10, 2019.

HSBC Holdings plc (LON:HSBA) has earlier today unveiled a set of senior management changes, with Andy Maguire set to retire as Group Chief Operating Officer with effect from January 30, 2020.

Andy Maguire

Mr Maguire will leave the Group on June 9, 2020 in line with his six months’ notice period. He supported the global search for his successor, John Hinshaw, who will be joining HSBC as Group Chief Operating Officer designate effective December 10, 2019. Mr Maguire will assist with a handover of his responsibilities until Mr Hinshaw formally takes on the role with effect from February 1, 2020.

Mr Hinshaw has an extensive background in transforming organisations across multiple industries. Most recently, he served as Executive Vice President of Hewlett Packard and Hewlett Packard Enterprise, where he managed Technology and Operations and was the firm’s Chief Customer Officer. He has also served on the Board of Directors of the Bank of New York Mellon for the past five years and chaired their Technology Committee. John joins as a Group Managing Director and will report to the Group Chief Executive. He will also be a member of the Group Management Board.

Also today, HSBC announced that Pam Kaur, Head of Wholesale Market and Credit Risk, will be appointed as Group Chief Risk Officer. The appointment is effective January 1, 2020. Marc Moses, an executive Director of the Company, will assist with a handover of his responsibilities before stepping down from the Board of Directors and the role of Group Chief Risk Officer on December 31, 2019. He will continue to provide support to the Group Chief Executive until he formally retires from the Group on December 9, 2020.

Samir Assaf will be stepping down as CEO of Global Banking and Markets (GB&M) with effect from March 1, 2020. He will assume a new role as Chairman of Corporate and Institutional Banking. Georges Elhedery, Head of Global Markets and Greg Guyett, Head of Global Banking, will become co-heads of GB&M and report directly to the Group Chief Executive. Both will be members of the Group Management Board.

Read this next

Institutional FX

BNY Mellon to leverage Baton System’s CCP network on its ECPO service

“The union of Baton’s extensive CCP connectivity with the ground-breaking functionality of BNY Mellon’s ECPO service forms a powerful offering to cleared derivatives market participants.”

Institutional FX

NYSE and Tel Aviv Stock Exchange to promote dual listings

“This major step is intended to foster collaborations between the two exchanges and to encourage the dual listing of Israeli companies in their home market and on the NYSE.”

Technology

TT’s KRM22 selected as risk technology partner of Chicago-based RCM

“Broad product coverage and effective risk analytics performance are essential to proper implementation of risk management and risk analysis.”

Industry News

DXtrade FX/ CFD Platform Integrated with Your Bourse for Turnkey Liquidity

DXtrade brokers received access to 30+ major banks and Tier 2 liquidity providers with Your Bourse.

Executive Moves

Wave hires Harumi Urata-Thompson as CFO of SEC-regulated crypto investment company

“With extensive experience leading teams across both the traditional finance and digital asset sectors, Harumi is well-equipped to provide our team with the immediate strategic insights needed to optimize our financial operations. She is a fantastic addition to our team as we continue to strengthen our position as one of the leading digital asset managers and to deliver sophisticated financial services to our clients.”

Retail FX

TRADE.com enters United States as brokerage obtains license from FINRA

“We intend to be fully operational as a brokerage house in the U.S. by the end of H1 2023 and look forward to forging long term relationships with new business partners and clients.”

Technology

Pico launches Corvil Cloud Analytics as trading industry moves into cloud

“Since Corvil Cloud Analytics is software only, this accelerates our deployments and also provides an expedited avenue for proof-of-concept use cases. It’s now easier than ever for clients to access the platform so they can see firsthand what makes Corvil an industry leader in data analytics.”

Executive Moves

Finalto recruits Antony Parsons as head of liquidity

Finalto, the financial trading division of Gopher Investments, is making a broader push into the liquidity provision space, culminating in a new appointment focused on expanding the business into new markets.

Digital Assets

Huobi introduces Tether’s stablecoins pegged to euro, gold

Huobi, the world’s sixth-largest crypto exchange by trading volume, is set to introduce for its clients two stablecoins representing ownership of physical gold and Euro-pegged tokens.

<