HSBC share price: American arm appoints new retail banking and wealth management head

HSBC Bank USA, the American arm of UK banking giant HSBC Holdings Plc (LON:HSBA), today announced that it had named Pablo Sanchez as head of retail banking and wealth management in the US and Canada, with effect from June 1. Sanchez, would also oversee the unit’s mortgage and insurance businesses, the bank said.

Sanchez joins HSBC from JPMorgan Chase, where he has served in a number of retail banking leadership roles since 2006. His most recent role at JPMorgan was as national director of consumer banking. Prior to his spell with the US investment bank, he held executive positions at Home Loan Direct and in lending, mortgage, and retail operations at Citigroup subsidiary CitiMortgage. In his new role, Sanchez succeeds Kevin Newman, who is set to retire after a 25-year career at HSBC, the bank said.
Patrick Burke, president and chief executive officer of HSBC Bank USA, commented:“Pablo’s proven leadership skills and retail banking experience will be invaluable as we focus on further developing our Premier, Advance and Wealth Management offerings and expanding the customer base.”
HSBC operates more than 230 US branches across 10 states plus Washington D.C.
In today’s trading, HSBC shares were flat at 602.00, as of 15:08 BST. The stock has fallen just over one percent since the start of the year and the company’s market valuation currently stands at £118 billion.
As of Jun 22, 2015, the consensus forecast amongst 30 polled investment analysts covering HSBC had it that investors should hold their position in the company. This consensus forecast has been maintained since November 26, 2014, when the sentiment of investment analysts deteriorated from “outperform”.
As of 16:06 BST, Tuesday, 23 June, HSBC Holdings plc share price is 601.40p.