HSBC share price: Group beefs up board with Asian banking specialist

on Sep 13, 2016
Updated: Mar 11, 2020

HSBC Holdings (LON:HSBA) has appointed a banker with ‘deep knowledge’ of Asia and China to its board, the FTSE 100 group has said. In a separate development, the Wall Street Journal reported yesterday that a top banker was leaving the group after being sidelined in a management reshuffle earlier this year.

HSBC’s share price has lost ground in today’s session, having shed 0.74 percent to 561.40p as of 14:37 BST. The stock is underperforming the broader London market, with the benchmark FTSE 100 index having gained 0.22 percent to 6,715.34 so far today. The group’s shares have climbed more than 11 percent over the past year, and are up by some four percent in the year-to-date.
HSBC announced in a statement yesterday that it had appointed Jackson (Jack) Tai as an independent non-executive director. His experience includes 25 years at JP Morgan, both in the US and in Asia, as well as senior positions at Singapore’s DBS Group.
“It is rare to find the combination of hands-on banking expertise, top level governance experience and the deep knowledge of Asia and China that Jack has accumulated throughout his career,” HSBC’s chairman Douglas Flint commented in the statement.
The WSJ meanwhile reported that Spencer Lake, a group general manager who was with the bank for a decade, was leaving the group after being sidelined in a management reshuffle earlier this year. He ran HSBC’s global capital financing business until February, when the Asia-focused bank merged the function into its global banking unit. Lake became vice chairman of global banking and markets with a set of strategic projects and a greatly reduced role in day-to-day operations.
His departure comes with the lender undergoing a restructuring which has seen several exits in recent months. In July, HSBC’s head of UK equity markets left the Asia-focused lender.
As of 14:58 BST, Tuesday, 13 September, HSBC Holdings plc share price is 565.65p.


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