Michael Roberts has been hired by HSBC to lead its US business. Michael has been appointed as Chief Executive Officer and President of HSBC in the US. The current HSBC US CEO Patrick Burke is now retiring after serving the company for more than 3 decades and Michael Roberts will take over soon. Since November 2014, Burke has been serving as the CEO of HSBC, who looks after all the US operations right from wealth management, retail banking and international clients, Global markets, commercial banking, and global private banking. HSBC US CEO Burke joined the company in 1989 as Deputy Director of Merger and Acquisitions.
HSBC US CEO to retire
Investors are astonished by Burke’s retirement and they see it as a tremendous pressure on HSBC for boosting returns in the US. The bank has already ruled out the possibility of de-escalating the business, an executive said. HSBC on the contrary plans to hire more than 300 employees and open 50 branches across the world. Federal Reserve data reveals that HSBC ranks 14 in the US banks by assets.
HSBC aspirations
HSBC aspires to become one of the top international banks in the US. HSBC business in the US covers 1.3 million wealth management customers, million retail banking investment and commercial banking operations. The tangible equity of the bank was 2.7 last year, which was below 6% from 2020 target and hence, the company is tapping both foreign companies and U.S. companies to join with HSBC aboard.
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Citi veteran Michael Roberts has been the global head of capital management and corporate banking since 2010. He has also served as the Chief Lending Officer. Roberts has worked for almost 34 years in Citi. He will report to Chief Executive John Flint and will join as the group managing director and will sit on board of directors.
Referring to the regulatory, strategic and international experience of Roberts, Flint said he is overjoyed. To adjoin he said the bank is gratified to Patrick Burke who played an influential role during his tenure. Specific dates have not been declared by the company, but the transition will most likely take place in October this year.