HSBC shuffles management team

26th Nov 2010 12:02

HSBC's new chief executive-elect Stuart Gulliver has nailed his colours to the mast of retail banking with his first appointment in his new role.Paul Thurston, the current head of HSBC's UK retail bank, will return to Hong Kong to run all the retail and wealth management businesses around the globe.His remit will be to direct all aspects of HSBC's retail banking business globally and HSBC's retail wealth management business.Gulliver said: "Configuring HSBC to realise its full potential in retail banking was always going to be my first priority. Customers are thinking more carefully about who they trust with their wealth and savings." This is the first time HSBC has combined global retail and wealth management under one person's control.Sandy Flockhart, current global head of retail banking, has already agreed to move back from Hong Kong to chair the UK retail bank, with Brian Robertson, currently HSBC's chief risk officer, taking over as chief executive of retail banking in the UK.Joe Garner will become deputy chief executive, UK, and a director of HSBC Bank, dealing with personal financial services and commercial banking businesses in the UK. Garner's background is retailing, having joined the bank from Dixon's Retail in 2004 and he immediately introduced a retail feel into the HSBC's marketing. Marc Moses will become group chief risk officer.