HSBC on Thursday has announced that Lisa McGeough will take over as the CEO of HSBC’s U.S. operations, effective January 1. McGeough, who currently serves as co-head of global banking coverage, will lead the U.S. business during a pivotal phase of growth, with the bank describing her role as that of a “super-connector” between the U.S. and the global markets. McGeough’s appointment makes her the first female to lead HSBC in the U.S. in over a decade, and only the second woman to hold a CEO position in the bank’s 150-year history.
McGeough succeeds Michael Roberts, who has been promoted to CEO of HSBC’s newly merged corporate and institutional banking division. This leadership change is part of a broader restructuring strategy led by CEO Georges Elhedery, who has been remapping the bank since stepping into the role in September. Elhedery’s vision is to simplify HSBC’s operations into four core segments and to appoint new executives, including the bank’s first female CFO. The changes are intended to make the organization more dynamic and agile, with a focus on businesses that offer the greatest growth potential and competitive advantage.
McGeough, who joined HSBC in 2021 after a 16-year career at Wells Fargo, where she led its international business, will be responsible for all U.S. businesses, including North American corporate and institutional banking. Prior to Wells Fargo, McGeough held roles at Morgan Stanley and TD.
The reshuffle also saw the departure of Annabel Spring, HSBC’s CEO of global private banking and wealth, who will leave the bank on December 31 to pursue other opportunities. HSBC is restructuring its private banking and wealth management businesses by splitting them into separate divisions. Gabriel Castello, CEO of Swiss private banking, has been appointed interim head of the global private bank, while Lavanya Chari will lead the wealth and premier solutions business. HSBC commended Spring for her contributions, particularly in turning around the global private banking division and enhancing the bank’s technology and client services.
In addition to McGeough’s appointment, HSBC also named Adam Bagshaw as the global head of investment banking.
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