What sparked the hunt
HSBC is getting ready to line up its next finance chief after Pam Kaur announced she intends to retire in 2027. The field is expected to include both insiders and outside heavyweights, and the bank is keeping it tightlipped. A spokesperson said HSBC is unable to comment on "speculation."
Why the buzz? As Morningstar analyst Kathy Chan put it, the choice "may provide insights into HSBC's longer-term financial management priorities." People close to the bank, who asked not to be identified discussing private matters, said a range of names is being considered, in no particular order.
Inside track: who and why
- Will McLane joined in 2021 to run corporate development and, in 2023, also took on group strategy. He previously spent years at Citigroup Inc., including stints as vice chairman for its Asia technology franchise and vice chairman for global financial institutions. He has been linked to the CFO post before. HSBC has chosen dealmakers for the top finance seat in the past, with Ewen Stevenson moving over from a long advisory career to become CFO in 2018.
- Faisal Yousaf has been group treasurer for the last three years and has more than two decades at HSBC. He knows the bank's balance sheet inside out, particularly on risk and funding, and is a familiar face to investors because he leads fixed income calls.
- Aileen Taylor is now the most senior woman at the bank following Kaur's decision. The chief people and governance officer arrived from NatWest Group Plc in 2019 to serve as company secretary, and has progressed through multiple subsequent promotions. She oversees more than 3,000 colleagues and is responsible for the development of the bank's roughly 210,000 employees. A lawyer by training, she recently moved from London to Hong Kong to be closer to HSBC's core operations. She has not held a finance role within a bank.
- Barry O'Byrne put himself forward for CEO but was passed over, with Georges Elhedery getting the nod instead. After asking for a broader remit, he left the top job in global commercial banking to take the helm of the international wealth and premier banking business as its chief executive, steering HSBC's push to be the preferred hub for Asia's rapidly expanding wealthy class. The board has at times prioritized executive committee stature over formal CFO résumés.
- Jon Bingham has worn the CFO badge before on an interim basis, stepping in prior to Kaur's appointment before returning to the global financial controller post. This year, he was named CFO of HSBC's UK business. He spent around 20 years at KPMG, the same firm where Chairman Brendan Nelson worked for 25 years.
- Claire Baird, a standout in HSBC's finance ranks, rose to CFO of HSBC UK before departing earlier this year. Earlier, she ran finance for the bank's wealth and personal banking arm. Before HSBC, she was a senior manager at NatWest and worked closely with CFO Ewen Stevenson before he was recruited to the same role at HSBC. She has yet to reappear in a new job.
- Earlier this year, Jack Yang took on the CFO role covering Asia and the Middle East. Since joining in 2009, he has held senior posts including regional group treasurer and roles within risk in Shenzhen, China.
External options: experience the board might prize
- William Chalmers, CFO of Lloyds Banking Group Plc, is a logical outside pick. He stepped into the Lloyds finance post in 2019 after spending over 25 years at Morgan Stanley, during which he served as co‑head of the global financial institutions group. He also served briefly as Lloyds interim CEO in 2021 before Charlie Nunn, a former HSBC executive, took over.
- Jim O'Neil, currently among the UK's top-ranking Treasury civil servants and formerly an investment banker at Bank of America Corp., has toggled between public service and Wall Street for two decades. He oversaw the Treasury's stakes in nationalized banks in the aftermath of the financial crisis, returned to Bank of America as a banker, and went back into government last year to help kickstart growth under former Chancellor Rachel Reeves. Deep relationships with regulators and big financial firms are valuable for any bank CFO.
- Kavita Mahtani departed HSBC in recent months to take the CFO job for the corporate and investment business at Wells Fargo & Co. She earned a strong internal reputation as CFO of HSBC's North American unit and was selected by Roberts for the same position in the corporate and institutional banking division. Before Kaur's appointment, she had been viewed as a possible contender for the group CFO role.
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Why it matters for your money
Who gets the nod hints at the bank's priorities: a strategist with deal instincts, a funding and risk maestro, or a figure with deep policy ties. The timeline is set, with Kaur planning to retire in 2027, but the selection will shape capital allocation, funding mix, and the tone with bondholders and shareholders. If you bank with or own shares in HSBC, watch the finalist list and their track records on costs, growth, and risk appetite.
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