💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

HSBC Greater China chief Wong leaves for external role

Published 08/09/2019, 09:59 AM
Updated 08/09/2019, 10:01 AM
HSBC Greater China chief Wong leaves for external role
C
-
HSBA
-

By Sumeet Chatterjee

HONG KONG (Reuters) - HSBC Holdings' (L:HSBA) Greater China Chief Executive Helen Wong is leaving, a bank spokeswoman said on Friday, the second senior departure this week after the ousting of group CEO John Flint.

Wong has decided to leave to pursue an external opportunity, the spokeswoman said, adding that her role will be dropped and the Greater China region, which includes Hong Kong and Taiwan, would be run by the respective country heads.

Greater China is HSBC's biggest profit driver, but the banking sector outlook in the region has been clouded by the tit-for-tat tariff war between China and the United States, as well as unrest in Hong Kong.

Flint and Wong's exit also follows weeks of adverse Chinese media coverage over HSBC's role in the arrest of Huawei finance chief Meng Wanzhou.

Wong, who joined HSBC in 1992 and rose to become its China CEO before being given the newly created role of Greater China chief in 2015, did not immediately respond to a request for comment sent to her official email.

The HSBC spokeswoman said Wong's resignation was submitted at the end of July and there was no connection between her decision and Flint's departure.

Flint's ousting was announced on Monday in a move that the chairman of Europe's biggest bank said was needed to speed progress in priority areas.

"Our growth strategy in China is unchanged. HSBC has been steadfast in its commitment to China for over 150 years. We will continue to support China's growth and economic prosperity going forward," the HSBC spokeswoman said.

Last month HSBC also announced the departure of the head of its U.S. business, Patrick Burke, after three decades with the bank. Burke will be replaced by Citigroup's (N:C) Michael Roberts.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.