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HSBC names chief executive of retail banking and wealth management

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HSBC has named Paul Thurston as chief executive of retail banking and wealth management, effective 1 March 2011.



Based in Hong Kong and reporting to Stuart Gulliver (pictured), group chief executive designate, Thurston will have responsibility for directing all aspects of HSBC’s retail banking business globally, including the personal financial services and insurance businesses, and the group’s marketing activities.

He will lead the development of HSBC’s retail wealth management business across the group and will also direct the transformation of retail operations and technology platforms.

The head of group marketing and the group chief technology and services officer will both report to Thurston.

Thurston will relocate to Hong Kong and remains a member of the group management board and a director of HSBC Bank. Subject to regulatory approvals, he will also become a director of The Hongkong and Shanghai Banking Corporation and of HSBC Private Banking Holdings (Suisse).

John Flint, chief executive, global asset management, will have an additional reporting line to Thurston, and will assist in the development of the retail wealth management business, while retaining his existing reporting line to Chris Meares, chief executive, global private banking.

Brian Robertson, currently group chief risk officer, will be appointed as chief executive of HSBC Bank with effect from 3 December 2010, subject to UK board and regulatory approvals. Reporting to Stuart Gulliver as a member of the group management board, Robertson will have responsibility for all of the group’s businesses in the UK and Continental Europe. Robertson will become a director of HSBC Bank and will also report to Sandy Flockhart, chairman, HSBC Bank. He will also become a director and chairman of HSBC Life (UK).

Joe Garner will be appointed as deputy chief executive, UK and will become a director of HSBC Bank with effect from 1 December 2010, subject to UK board and regulatory approvals. Reporting to Robertson, he will head up the personal financial services and commercial banking businesses in the UK.

Marc Moses will be appointed as group chief risk officer of HSBC with effect from 3 December 2010, in succession to Robertson. Reporting directly to Gulliver, Moses will also be appointed as a group managing director and will join the group management board with responsibility for risk and compliance.

Gulliver says: "I am delighted to announce these management changes which see some of HSBC’s most talented and internationally experienced executives take on significant new responsibilities. After the financial crisis, I believe customers are thinking more carefully about who they trust with their wealth and savings and configuring HSBC to realize its full potential in retail banking was always going to be my first priority. With the massive wealth creation we see in emerging markets today, the logic for HSBC to build a world-class global wealth business for our customers is absolutely compelling."

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