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FINANCIALS: HSBC Mgmt Changes: Unlikely To Be Credit Material

FINANCIALS
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HSBC (HSBC: A3/A-/A+) reports of management changes don’t appear likely to be credit material, in our view.

  • BBG is reporting that Nuno Matos, head of wealth and personal banking (c.40% of group), is leaving HSBC after missing out on the CEO role. This is not an unusual occurrence after a CEO transition and HSBC is well known for having a deep bench of experienced people ready to step up. Succession planning is a traditional strength.
  • Further, the chief HR officer and COO are also leaving, but these are more minor roles, we feel.
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HSBC (HSBC: A3/A-/A+) reports of management changes don’t appear likely to be credit material, in our view.

  • BBG is reporting that Nuno Matos, head of wealth and personal banking (c.40% of group), is leaving HSBC after missing out on the CEO role. This is not an unusual occurrence after a CEO transition and HSBC is well known for having a deep bench of experienced people ready to step up. Succession planning is a traditional strength.
  • Further, the chief HR officer and COO are also leaving, but these are more minor roles, we feel.