HSBC appoints new global retail banking head

29 November 2010

HSBC has announced the appointment of Paul Thurston as its new head of worldwide retail banking and wealth management.

According to the bank, Mr Thurston, currently the chief executive officer (CEO) of the bank’s UK operations, will relocate to Hong Kong to take up the role, which he will start at the beginning of March 2011.

As well as taking on responsibility for the institution’s global retail business, he will manage the retail wealth management division and the transformation of various technology platforms at the bank.

The postholder will report to the group CEO and remain a member of the bank’s board.

Stuart Gulliver, group CEO, said: "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 realise its full potential in retail banking was always going to be my first priority.”

Brian Robertson, HSBC’s group chief risk officer, is to take over as UK CEO once Mr Thurston has relocated to take up his new role.

By Jim Ottewill

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