HSBC Appoints First Female CFO In Its 159-Year History
HSBC Holdings Plc has appointed Pam Kaur as its first female Chief Financial Officer (CFO), marking a historic shift for the global bank, which was founded over 150 years ago.
Kaur, who has been with HSBC since 2013, will step into the role amid sweeping restructures under the bank’s newly appointed CEO and a challenging global financial climate.
A Long Career in Risk and Compliance
Pam Kaur, formerly HSBC’s chief risk and compliance officer, brings nearly 40 years of global finance expertise, specializing in risk management, compliance, and auditing.
She holds an MBA in Finance and a Bachelor of Commerce (Hons) from Punjab University, India, and is a Fellow of the Institute of Chartered Accountants in England and Wales.
Kaur joined HSBC in 2013 as head of internal audit following the bank’s admission of anti-money laundering violations. Her career includes roles at Citigroup and Deutsche Bank, and she has served on HSBC’s group executive committee for over a decade.
Her appointment follows the promotion of former CFO Georges Elhedery to Chief Executive Officer. He praised Kaur as the “exceptional candidate” for the role, selected from a pool of strong internal and external contenders, according to Reuters.
Bloomberg reports that her remuneration package includes a base salary of £803,000 ($1.04 million). a fixed pay allowance of £1,085,000 ($1.4 million) and a pension allowance of £80,300 ($104,257) and eligibility for substantial performance-based incentives.
Taking Charge During a Restructuring
Kaur assumes her new responsibilities at an important time for HSBC. The bank recently announced a broad restructuring, merging some of its commercial and investment banking operations, and reorganizing its global footprint.
The goal is to streamline costs while boosting profits, which have been under pressure as global interest rates fall.
Under her leadership, HSBC will need to find ways to cut $2 billion in costs to maintain its profit margins.
The restructuring, led by Elhedery, aims to drive closer cooperation between business lines, especially in cross-selling products to international clients.
Analysts are watching closely for more details on how these changes will impact the bank’s workforce and future earnings.
Feature Image Credit: HSBC
