HSBC has announced a series of senior management changes, including the retirement of its Group Chief Sustainability Officer with effect from 1 January 2025. Celine Hellweiger.
According to Reuters reportMr Hellweyer’s departure follows recent reshuffles that removed him from his role on the bank’s executive committee, raising concerns among investors about HSBC’s climate priorities.
Mr Hellweyer, who joined HSBC in 2021, was instrumental in developing the bank’s net zero strategy and oversaw the launch of its first net zero transition plan earlier this year.
Julian WentzelCurrently head of global banking for the Middle East, North Africa and Turkey, he will serve as interim group chief sustainability officer while the bank searches for a permanent replacement.
The decision to replace climate change experts with bank executives, even temporarily, calls into question HSBC’s sustainability efforts under CEO Georges Ergederi.
HSBC insists its climate ambitions remain unchanged, highlighting that the transition to net zero remains a core part of its strategy and one of its “four pillars of business strategy”.
But some stakeholders remain skeptical, pointing to broader personnel changes as a potential sign of shifting priorities.
Andrew Harper, chief executive of Epworth Investment Management, said Herweiger’s departure meant the bank had lost a “vital moral compass” on climate change.
Other changes include: Richard Blackburn has been appointed interim Group Chief Risk and Compliance Officer.
Mr Blackburn, currently Global Head of Trading and Financial Risk Management and Global Analytics, will join the bank’s Group Operating Committee as part of his new role.
HSBC also announced the appointment of a deputy secretary. Selim Kerbanshicurrently CEO of HSBC Turkiye and, subject to regulatory approval, CEO of the Middle East region.
The bank has begun a search for permanent replacements for both its Group Chief Sustainability Officer and Group Chief Risk and Compliance Officer, with further updates expected.
These changes come amid a broader restructuring effort at HSBC that includes controversial moves. Senior managers reapply for their jobs As part of cost reduction efforts.
The bank aims to streamline its operations by reducing the overlap between global and regional roles, which it claims will improve efficiency.
Restructuring is more than just personnel changes. HSBC is establishing a new International Wealth Premier Banking division and reorganizing its geographical operations into eastern and western regions, with Hong Kong and the UK as separate divisions.
At a financial results conference on October 29, Mr. Elhedery said: I felt relieved Investors argued that this was not a breakup of the bank, but a simplification of its structure.
Featured image credit: Edited from HSBC image and video library
