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HSBC is set to replace Ian Stuart as the chief executive of its UK business, appointing him as group customer and culture director in a strategic reshuffle led by new group chief executive Georges Elhedery. This role aims to integrate customer feedback into the bank's strategy. Elhedery has initiated significant restructuring, merging commercial and investment banking units and targeting $1.5bn in annual cost savings, resulting in the departure of several senior executives.
HSBC has postponed its net zero carbon emissions target from 2030 to 2050, citing slower progress, especially in its Scope 3 supply chain. This change aligns with the recent appointment of Julian Wentzel as Chief Sustainability Officer, following the removal of the role from the executive committee. The bank is also reviewing its interim financed emission targets for 2030.
HSBC has postponed its net zero target from 2030 to 2050, citing slower-than-expected progress in reducing Scope 3 emissions and challenges in the global transition to sustainable practices. The bank aims for a 40% reduction in emissions by 2030, relying on carbon offsets, while continuing to support customers in their transition to a net zero economy. Despite the delay, HSBC remains committed to cutting its Scope 1 and 2 emissions by over 90% by 2030 and has facilitated nearly $400 billion in sustainable finance since 2020.
HSBC has postponed its net zero target from 2030 to 2050, citing slower-than-expected progress in reducing Scope 3 emissions and reliance on carbon offsets. The bank aims to cut Scope 1 and 2 emissions by over 90% by 2030 and plans to review its financed emissions targets by late 2025. Other major financial institutions are also aligning their net zero goals to 2050.
HSBC has appointed Julian Wentzel as its new Group Chief Sustainability Officer, following the departure of Celine Herweijer. Expressing his enthusiasm, Wentzel highlighted the bank's commitment to supporting the transition to net zero and assisting customers in achieving their sustainability goals.
Julian Wentzel has been appointed as HSBC's Group Chief Sustainability Officer, succeeding Celine Herweijer. With over 25 years in banking, he aims to enhance the bank's sustainability initiatives, including a commitment to achieve net zero carbon emissions by 2050 and facilitate up to $1 trillion in sustainable finance by 2030. His leadership will build on the foundation laid by Herweijer, focusing on innovative solutions and partnerships to support clients in their transition to low-carbon business models.
HSBC has appointed Julian Wentzel as Group Chief Sustainability Officer, a role he has been filling on an interim basis since November. Wentzel, who joined HSBC in 2015 and previously led global banking in the Middle East, will now report to CFO Pam Kaur, raising concerns among climate activists about the bank's sustainability priorities. This change comes amid broader management restructuring at HSBC under CEO Georges Elhedery.
HSBC is set to exit key segments of its investment banking operations in the UK, US, and Europe, including mergers and acquisitions advisory and equity capital markets, as part of a restructuring plan by CEO Georges Elhedery. The bank aims to focus on its strengths in Asia and the Middle East, where it will retain certain financial services, while acknowledging that investment banking constitutes only 6% of its total revenues. This move is part of broader efforts to simplify operations and reduce costs amid changing market conditions.
Laura Barlow, Barclays' Group Head of Sustainability, has stepped down to pursue a portfolio career while remaining a senior advisor. Her departure highlights a trend in the banking sector, following HSBC's Chief Sustainability Officer Celine Herweijer's exit, raising questions about the future of environmental commitments in finance.
HSBC Holdings Plc is preparing for potential bonus cuts amid a significant restructuring aimed at reducing costs by at least $3 billion, representing a 10% cut in its expense bill. Employees in corporate and institutional banking have been warned of disappointing payouts, contrasting with rising bonuses at European peers like Barclays and Deutsche Bank. The restructuring, led by CEO Georges Elhedery, is expected to take until June 2025, with details on its financial impact to be revealed alongside the bank's full-year results next month.
Celine Herweijer
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hsbc reshuffles leadership as uk bank chief steps into new role
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