HSBC has announced a significant leadership reshuffle across its global private banking and international wealth divisions, with John Shipman appointed as interim chief executive officer of the Swiss private bank effective 1 January 2025.

Shipman, who has been chief risk officer for the Swiss private bank for over six years, brings extensive experience in the banking sector, including 15 years with HSBC. He will report to Gabriel Castello, interim chief executive officer of HSBC Global Private Banking, who will also join the Swiss private bank's board as a non-executive director in 2025.

The appointment comes as part of a broader restructuring aimed at creating a "simpler, more agile" organisational structure. HSBC plans to maintain three global business lines: global private banking, asset management, and insurance, while establishing a new wealth and premier banking solutions group.

Notable leadership changes include Annabel Spring, current chief executive officer of global private banking and wealth, leaving on 31 December 2024. Lavanya Chari has been appointed head of international wealth and premier solutions, based in Singapore, with responsibilities spanning wealth solutions across markets.

The bank is also reorganising its corporate and institutional banking (CIB) business, integrating wholesale banking teams and services. Key appointments in this division include Adam Bagshaw as global head of investment banking and Sir Danny Alexander as chief executive officer of infrastructure finance and sustainability.

Geographic leadership appointments include Kai Zhang as head of international wealth and premier banking for Asia, and Dinesh Sharma heading the same division for the Middle East. HSBC is actively recruiting for a head of international wealth and premier banking for the Americas and Europe.

The restructuring follows HSBC's October strategy to merge operations and focus on its Asian markets, with the aim of reducing costs and improving decision-making. The bank continues to make strategic moves to streamline its global operations and position itself competitively in the international banking landscape.

These changes, subject to regulatory approvals, demonstrate HSBC's commitment to adapting its organizational structure to meet evolving market demands and enhance operational efficiency.

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