HSBC has announced that the head of its UK retail and commercial business, Joe Garner, is to step down from the role at the end of October after less than two years in the post.
The announcement follows the departure in July of the group’s head of compliance, David Bagley, when HSBC apologised to the US Senate’s investigative panel for inadequate anti-money laundering (AML) controls.
The banking group said that Garner would be succeeded by Antonio Simoes, HSBC’s European retail banking and wealth management chief.
Confirming his departure, Garner said: “I know it is time to move on but don’t want to work internationally so decided the right thing to do was move on from the group.”
Garner originally joined HSBC in 2004 and was promoted to head its UK retail and commercial banking business in December 2010. He had originally been expected to leave the group in early 2013. Garner also sits on the Financial Services Practitioner Panel (FSSP), the statutory body representing the interests of the financial services industry that works with UK regulator the Financial Services Authority (FSA).
Simoes, his successor, joined HSBC in 2007 from consultancy McKinsey, initially as group head of strategy based in London. He was promoted to group head of strategy and planning and chief of staff to the group’s chief executive officer (CEO) in October 2009 and relocated to Hong Kong for two years. He took over the post of head of retail banking and wealth management for Europe in January this year, a role which he will retain in addition to taking over Garner’s roles.