HSBC, which was founded by a Scotsman more than 150-years ago, named Pam Kaur the first female chief financial officer in its history.
The 60-year-old brings a long focus on auditing, risks and compliance across almost four decades of banking career spanning various global lenders. She joined HSBC in April 2013 as internal audit head, coming aboard shortly after the bank admitted to anti-money laundering and sanctions violations and entered a deferred prosecution agreement with the US Justice department.
Kaur, who was educated at Panjab University, takes on her new role at a challenging time as interest rates fall and amid geopolitical tensions in key markets, including China and Hong Kong.The bank on Tuesday unveiled a broad restructuring across different business lines and geographies as newly appointed Chief Executive Officer Georges Elhedery embarks on ambitious cost cuts.
HSBC will have to find a way to shave off $2 billion in costs in order to sustain a key measure of the bank’s profits, according to Bloomberg Intelligence.
“We had a strong bench of internal and external candidates to choose from and Pam was the exceptional candidate to recommend to the board,” said Elhedery, who was elevated from CFO, in a statement. Shares of HSBC slipped 0.4% at 1:03 p.m. in London.
With the promotion, Kaur becomes one of the most senior women in banking across Europe.