By Kristy Dorsey
Former Royal Bank of Scotland executive Ewen Stevenson is set to take on a broader range of responsibilities as chief financial officer of HSBC, which is reshuffling its top management team to redouble its focus on Asian markets.
Mr Stevenson, who joined HSBC from RBS in 2019, will take on the added duties of running the bank’s transformation programme and overseeing mergers and acquisitions. Reflecting these additional responsibilities, he is reportedly set to receive a £147,000 pay rise, taking his base salary to nearly £1.1 million.
A spokesperson for HSBC said Mr Stevenson will donate the first year of his pay increase to charity, though it is not known which organisations are set to benefit.
The reorganisation comes ahead of today’s release of HSBC’s full-year results, which is expected to include details of measures to accelerate the bank’s “pivot to Asia”. It is believed this will include the transfer of several senior executives from HSBC’s headquarters in London to Hong Kong, which together with mainland China accounts for the majority of the bank’s business.
Other management changes include the appointment of Nuno Matos as global head of HSBC’s wealth and personal banking business, with chief compliance officer Colin Bell to take his place as head of European operations. Michael Roberts will become chief executive of the US and Americas, while Stephen Moss will move from London to Dubai to head up operations in the Middle East, North Africa and Turkey.
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“Given our extensive heritage in the Middle East and its long-term growth potential, we are extending our strategic ambitions for the region,” HSBC said.
Messrs Bell, Roberts and Moss will continue to report directly to group chief executive Noel Quinn. Mr Stevenson takes immediate control of the group transformation programme, previously headed by Mr Bell, and will head up the mergers and acquisitions agenda from April.