HSBC has announced the promotion of Barry O’Bryne to wealth and personal banking chief.

O’Byrne, currently chief exec of HSBC’s commercial bank, will succeed Nuno Matos who is leaving after almost ten years at the firm to pursue other opportunities, the financial institution said on Thursday.

Prior to joining HSBC in 2017, O’Bryne spent 19 years with GE Capital, holding chief executive positions in Italy, France and the UK and serving on boards in the UK, Switzerland, Germany, Italy and Spain.

The executive will take over Matos’ duties which include strengthening the firm’s presence across global markets, leveraging the bank’s digital capabilities to improve customer experience, further developing ESG and sustainable finance strategies.

Joining the firm in 2015 from Spain’s Santander, Matos took several roles across the bank including head of consumer banking and wealth management for Latin America, global head of small business banking, deputy chief executive and chief operational officer for Mexico, before becoming chief executive for Mexico in 2015.

Most recently he was chief executive of HSBC bank plc and a group general manager, with responsibility for Continental Europe and the UK.

Matos is expected to serve in an advisory capacity throughout 2024 before leaving the group in 2025. HSBC said it would give an update on O'Byrne's successor in due course.

The new appointment marks another significant leadership change on the eve of Georges Elhedery starting as CEO, with the internal hire signalling Elhedery’s intention to prioritise continuity of strategy rather than seeking external guidance.

Elhedery, who officially takes over at the British bank at the beginning of September, is already overseeing a changing of the guard atop HSBC. Along with announcing the departure of Matos, HSBC said that John Hinshaw, group chief operating officer, and Elaine Arden, group chief human resources officer will both leave the group.

Their responsibilities will be split between an elevated and expanded group chief information officer – announced as Stuart Riley – and a newly created group chief operating officer to be appointed at a later date.

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