London — HSBC Chief Financial Officer Pam Kaur plans to leave the bank in 2027, adding another senior executive departure as the Asia-focused lender undergoes significant leadership changes.
HSBC said Thursday that Kaur will not seek re-election as a director at its 2027 annual general meeting. Her retirement as group CFO is expected to take effect no later than the annual meeting, which is normally held in May.
The bank has already started looking for her successor and will consider both internal and external candidates.
Kaur became HSBC’s CFO in October 2024, making history as the first woman to hold the position in the bank’s more than 160-year history.
Her planned exit comes as CEO Georges Elhedery leads a major restructuring aimed at simplifying HSBC’s global operations and cutting costs.
The transformation divides much of the lender’s business into Eastern and Western regional structures while also involving market exits and substantial cost reductions.
Kaur has been considered one of Elhedery’s key senior executives during the restructuring. Although she will leave her full-time role as group CFO and executive director, HSBC said she will continue working with Elhedery as an adviser on strategic projects after stepping down.
Her departure follows several other senior exits from the bank.
Last month, Edward Moncreiffe, HSBC’s global chief executive for its insurance business, left the group after two decades.
Other senior departures include Gerry Keefe, the former head of banking for Europe and the Americas, who resigned in April, as well as cash equities trading executives James Grafton and Steve Jobber, who left in February.
Former U.S. banking chief Lisa McGeough departed in September of the previous year.
Changes have also affected HSBC’s board. In December, the bank unexpectedly appointed Brendan Nelson as permanent chair after a seven-month search.
Kaur’s succession will now add another significant task for HSBC’s leadership as the restructuring continues.
By considering both internal and external candidates, the bank’s board has greater flexibility in finding a finance chief to oversee the next phase of its transformation.
Kaur’s move into an advisory role is expected to keep her involved in selected strategic projects even after she leaves her executive position.
The CFO transition comes at a crucial stage for HSBC as it seeks to streamline its international footprint and manage costs while maintaining its position as one of the world’s largest financial institutions.
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