HSBC names new finance boss to complete shake-up

HSBC chairman Sir Mark Tucker completed the shake-up of his top-level management team today bringing in Jon Bingham as chief financial officer.

- Simon English

The former KPMG man, who became global financial controller of HSBC in 2020, has been appointed on an interim basis initially but he is thought likely to be confirmed as a permanent new finance boss.

In April, chief executive Noel Quinn unexpectedly said he would retire after five years in the job, prompting unconfirmed gossip of a clash over strategy with Tucker.

Quinn, who has been replaced by the bank’s previous CFO Georges Elhedery, signed off today with strong first half-results.

The appointment of finance chiefs as the top executives reporting into Tucker is seen by the City as indicative of wider trends, with the leaders of the finance departments — increasingly regarded as the decision makers — in many ways more influential than old style CEOs laying out strategy and looking for growth.