HSBC Hong Kong’s chief executive has resigned to join BlackRock as chairman of Asia Pacific, coming as the latest blow for the international bank which last week announced 3,000 job cuts in Hong Kong.
In addition to his role as chairman of Asia Pacific, 24-year HSBC veteran Mark McCombe will become a member of the asset manager’s global executive committee and global operating committee, reporting to the company’s chairman and chief executive, Laurence Fink.
Prior to his role as chief executive of HSBC Hong Kong, McCombe led HSBC Global Asset Management.
McCombe will succeed Rohit Bhagat, who is approaching the end of a two-year reign as chairman of Asia Pacific. During his tenure Bhagat led the successful integration of the BlackRock and Barclays Global Investors’ businesses in Asia Pacific and strengthened the regional leadership team, said the firm in a statement.
“We’ve expanded significantly in the region in recent years and, with a leader of Mark’s caliber joining our team, I am confident we can accelerate the growth of our business and brand in Asia and continue strengthening the investment capabilities needed to help our clients achieve their financial objectives,” said Fink in a statement.
At HSBC, McCombe will be succeeded by Anita Fung who was previously group general manager, effective on Monday.
Fung, most recently the head of global banking and markets, Asia-Pacific, joined HSBC in 1996 in Hong Kong as head of domestic markets, treasury and capital markets.
She was named head of global markets Asia-Pacific in 2005 and was appointed a group general manager in 2008. Fung is also deputy chairman of HSBC Bank Company Limited.
Anita Fung
The news comes off the back of last week’s announcement that 3,000 jobs would be cut at HSBC Hong Kong over the next three years – equating to 13 per cent of the bank's workforce in the city.
The London-based bank, which is listed in the UK and Hong Kong, aims to become more efficient and will redeploy people wherever possible, it said. HSBC employs 23,000 people in Hong Kong.
A spokesperson declined to comment on how many jobs in wealth management would be affected.
HSBC said last month it will shed 30,000 jobs worldwide by the end of 2013, as part of a drive to reduce costs by as much as $3.5 billion over the next two years to prepare for new, tougher capital requirements and a squeeze on margins from developments such as compliance costs and rising salaries.