HSBC’s reform of key Asian sectors leads to senior female positions

(Bloomberg) – Global overhaul of HSBC Holdings Plc has seen female executives fail after lenders ask managers to reapply for senior positions in merged corporate and institutional banking units.

The two women are Christina Ma, the head of global banking in the Asia-Pacific region and Amanda Murphy, who is in charge of commercial banking in South and Southeast Asia, are running for the unit to lead the merger of Asia and the Middle East, according to people familiar with the matter. They were all lost and the horse was leaving the bank.

Among the roles of at least 15 new banking leaders, only two women – Mauritius CEO and head of banking, Hajrah Sakauloo and Priya Kini, are responsible for overseeing seven smaller markets, including Bangladesh, Sri Lanka and the Philippines. In HSBC’s priority markets in Singapore, China and India, the highest banking jobs are all male, while in most smaller markets, the heads of existing countries (mainly male) are in the banking business.

Others said some of the commanders were surprised and staff discussions were underway. HSBC’s (HSBC) restructuring of gender balances for senior Asian roles in the sector and the lack of detailed public coverage makes it difficult to compare the current mixture to a pre-made one.

HSBC consolidated its commercial and global banking operations in 2024 and asked hundreds of managers to reapply for work at a new unit operated by former Michael Roberts (former Citigroup banker). Georges Elhedery, who served as the overall CEO last year, is simplifying Asia-centric banks to cut costs, complexity and work duplication.

When asked to comment, an HSBC spokesperson directed Elhedery to comment on the bank’s diversity and inclusion policies during its latest earnings call. The CEO told reporters in February that inclusion remains a “key priority” for lenders and has brought better results to clients by having a culture “based on” multiple thinking, experience and backgrounds.

HSBC’s new corporate and institutional banking division has investment banking and trading operations and is a key currency enterprise. Its pre-tax profit levied worldwide was $11.4 billion, accounting for 35% of the group’s total.

The bank has appointed female leaders in other regions of its operations. In October, it appointed Pam Kaur as the first female chief financial officer. In Asia, Luanne Lim is the CEO of Hong Kong in its largest market, while Diana Cesar leads the Hong Kong listed unit, Hang Seng Bank.

Meanwhile, other senior female executives who left HSBC’s companies and institutional banks include Rachel Watson, who is leveraged and acquisition financing in the Asia-Pacific region. Her peer, Ashish Sharma, will be the only mind in the region.

Selene Chong, head of equity at Asia Pacific, took a vacancies earlier this year, with Kenneth Hon taking on her role in addition to leading Asia’s major financing operations.

On a broader level, HSBC is associated with female representation. Women in the bank held 34.6% of senior leadership positions in 2024, up from 34.1% in the previous year. According to the bank, this is 33.1% of women who play a similar role in the Standard Chartered PLC in 2024 are nearly 30% of the management of JPMorgan Chase & Co.

HSBC’s recent senior female appointments include Danielle Johnson, head of institutional account at New York-based, and Doris Wong, managing director of global companies at Dubai-based global network banking.

Additionally, HSBC’s U.S. counterparts have been backing from diversity initiatives due to political and legal pressures in the country.

– With the assistance of Ambereen Choudhury and Cathy Chan.

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