HSBC Holdings has named a new president and CEO of its U.S. operations, as its recently appointed group CEO, Georges Elhedery, continues to put his mark on the global bank. The new U.S. leader, Lisa McGeough, will be moving from London to New York, swapping home bases with Michael Roberts, whom she's succeeding in the U.S. role. HSBC said in October that Roberts would become the global head of corporate and institutional banking for HSBC, moving from New York to London.

McGeough, who will be helming a geography that has leaned more heavily on corporate and investment banking since HSBC sold its U.S. retail business nearly three years ago, will report to Roberts. Also on 05 December 2024, roughly three months into Elhedery's tenure atop the company, HSBC announced the departure of its CEO for global private banking and wealth. Annabel Spring will leave on December 31, 2024 to pursue other opportunities.

Elhedery, a longtime HSBC executive who served as group chief financial officer prior to becoming group CEO, has been focusing on cost cutting. The changes under Elhedery's leadership started in October, when HSBC announced not only new roles for certain executives but also what the company described as a simplified organizational structure. McGeough, an American who has more than 30 years of experience in banking, has been with HSBC since 2021, having served from London as co-head of global banking coverage with responsibility for Europe.

Her appointment as U.S. president and CEO is effective on January 1, 2024. McGeough previously worked at Wells Fargo, where she had most recently been the San Francisco bank's head of international. While at Wells Fargo in 2020, she was named one of American Banker's Most Powerful Women to Watch.