NEW YORK - HSBC has appointed Lisa McGeough as the new President and Chief Executive Officer for the United States, effective as of January 1, 2025. McGeough will spearhead the bank's growth in the U.S., managing all regional businesses and the expansion of the Corporate and Institutional Banking sector in North America. She will operate from New York City, reporting to Michael Roberts, the newly appointed CEO of HSBC Bank plc and CEO of Corporate and Institutional Banking. According to InvestingPro data, HSBC maintains a GREAT financial health score, positioning the bank strongly for its next phase of growth.
McGeough's appointment is significant as it marks the first time in over a decade that a woman has held the CEO position for HSBC in the region, and only the second time in the bank's 150-year history. Roberts expressed his confidence in McGeough's capabilities, citing her extensive experience and deep understanding of the business. He anticipates that her leadership will enhance HSBC's role as a "super-connector" between the U.S. and global markets.
With over 35 years in the banking sector, McGeough's career includes a notable tenure at Wells Fargo (NYSE:WFC), where she held several high-level positions, including Executive Vice President and Head of International. Her previous role at HSBC was as Co-Head of Global Banking Coverage, focusing on Europe.
McGeough's new responsibilities include joining the HSBC North America Management Board as Director and serving as Chair of the HSBC Bank USA Management Board. She expressed her enthusiasm for the opportunity to leverage the financial expertise within HSBC to serve clients in the U.S. and globally.
HSBC Holdings plc (NYSE:HSBC), headquartered in London, is one of the largest banking and financial services organizations worldwide, with assets totaling US$3,099 billion as of September 30, 2024. The company operates in 60 countries and territories across the globe. With a market capitalization of $173.6 billion and annual revenue of $57.97 billion, HSBC has demonstrated strong market performance with a 32.7% return over the past year. InvestingPro analysis reveals that HSBC offers a substantial 4% dividend yield and trades at an attractive P/E ratio of 8.14. For deeper insights into HSBC's financial metrics and growth potential, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro.
This leadership change aligns with HSBC's strategic objectives and growth plans in key markets. The bank's stock is currently trading near its 52-week high, reflecting market confidence in its strategic direction. The information is based on a press release statement from HSBC and financial data from InvestingPro, which offers extensive analysis and additional ProTips about HSBC's market position and future prospects.
In other recent news, HSBC USA Inc., a prominent player in the financial industry, reported substantial organizational changes, including the appointment of Lisa McGeough as the new CEO effective from January 1, 2025. This move is part of HSBC's broader strategy to enhance management efficiency and operational effectiveness. In related developments, HSBC Holdings plc reported a strong third quarter in 2024, with an 11% year-on-year increase in profit before tax, totaling $8.5 billion. Revenue also increased by $1.1 billion, with fee and other income rising by $1.6 billion. Analysts from the firm also announced a new $3 billion share buyback program and upcoming organizational changes. These recent developments are part of HSBC's ongoing efforts to streamline its operations and focus on growth.
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