HSBC begins search for new CFO as Pam Kaur plans 2027 exit

HSBC has begun searching for a new chief financial officer after Pam Kaur told the bank she plans to step down next year, opening another senior leadership transition as Europe’s largest bank pushes ahead with a sweeping restructuring.

Kaur will retire as group CFO and executive director no later than HSBC’s 2027 annual general meeting and will not seek re-election to the board, the bank said Thursday. HSBC has started considering internal and external candidates to replace her.

After leaving the CFO role, Kaur will remain with HSBC for a period as an adviser to Chief Executive Georges Elhedery on strategic projects.

Kaur became group CFO on 1 January 2025, making her the first woman to hold the position in HSBC’s history. Before that, she served as group chief risk and compliance officer and was one of the bank’s most senior executives. She has spent nearly four decades in banking.

Her departure will come during a major overhaul led by Elhedery, who became chief executive in September 2024.

HSBC has simplified its organizational structure and divided its operations into four businesses organized broadly around Hong Kong, the UK, corporate and institutional banking, and international wealth and premier banking.

The changes are intended to remove layers of management, reduce duplication and concentrate resources in businesses and markets where HSBC believes it has a competitive advantage.

Kaur has been closely involved in that restructuring as finance chief.

Her planned departure follows several other changes among senior executives.

Edward Moncreiffe, who led HSBC’s global insurance business, left last month, while Gerry Keefe, head of banking for Europe and the Americas, departed in April.

The bank has also seen changes in senior equities and US banking roles.

The leadership changes come as HSBC continues to generate strong earnings.

The bank reported first-half pretax profit of $19.5 billion in August, up 23% from a year earlier. Profit after tax also rose 23% to $15.3 billion. HSBC said higher banking net interest income and fee and other income helped the result, although credit-loss charges and spending increased.

Kaur’s exit will leave HSBC searching for a finance chief able to oversee the next stage of the restructuring while managing a balance sheet spanning some of the world’s largest banking markets.

The board has more than half a year to complete the succession. HSBC’s annual meeting is typically held in May, placing the outside deadline for Kaur’s departure in the first half of 2027.