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HSBC Greater China CEO resigns

A spokesman for HSBC said Wang Dongsheng, vice chairman and CEO of the group, sent an internal e-mail to employees today informing Huang Bijuan that she would leave HSBC to seek other job opportunities. Today (9) is her "last day" and she will take a pre-employment leave tomorrow. HSBC Group thanks her for her past efforts and contributions. Huang Bijuan has 30 years of banking experience in Greater China and Asia Pacific. She joined HSBC in 1992. She is a well-known bond expert in the industry and has served as chairman of the Hong Kong Capital Market Association. Huang Bijuan was promoted to CEO of HSBC Greater China in 2015, responsible for the management of business in mainland China, Hong Kong, Macao and Taiwan.


HSBC Greater China CEO resigns(图1)


HSBC CEO's sudden departure will require about 5,000 job cuts worldwide




On August 5, HSBC announced that its chief executive, John Flint, had reached a joint agreement with the board of HSBC to resign. At the same time, HSBC also announced a layoff plan involving about 5,000 jobs.




Fanning became chief executive of HSBC in February 2018. The Wall Street Journal reported on August 5 that Mark Tucker, chairman of HSBC, and the Board considered Fanning a "safe choice" at the time. However, HSBC faced multiple challenges in the following year, and Fanning's low-key conservative leadership style and "ability to act decisively" were deemed unsuitable by the board of directors to continue to lead HSBC in the current situation, so he was asked to resign.




The Financial Times reported on the same day that HSBC helped U.S. authorities illegally seize Huawei executives, which directly impacted Fanning's policy of "focusing on the Chinese market".




Earlier, many media, including the newspaper, had disclosed that in order to avoid being sued by the U.S. Department of Justice, HSBC cooperated with the U.S. authorities to weave so-called "evidence" about Huawei, and eventually led to the illegal detention of Meng Wanzhou, Huawei's chief financial officer, by the Canadian authorities.




The Financial Times also said that HSBC's board had been sceptical about Fanning's ability because the latter was considered to be "living in the shadow of Stuart Gulliver, the former CEO of HSBC". More people familiar with the matter told the Financial Times that Fanning considered the process of being elected chief executive to be "humiliating".




In announcing Fanning's resignation, HSBC also announced a layoff plan involving about 5,000 jobs, warning that "senior managers will be the focus of layoffs," Bloomberg reported on the same day.


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