HSBC Holdings Plc has appointed Pam Kaur as its first female Chief Financial Officer (CFO) in the company’s 160-year history.
The 60-year-old Indian-origin banker brings nearly four decades of experience in auditing, risk management, and compliance across multiple global financial institutions.
Kaur, who holds an MBA in Finance and a Bachelor of Commerce (Honours) from Panjab University in Chandigarh, joined HSBC in 2013 as the head of internal audit. Her appointment comes at a challenging time for the banking giant, as it faces falling interest rates and geopolitical uncertainties, particularly in markets like China and Hong Kong.
Kaur’s rise to CFO follows a broad restructuring announced by HSBC’s new Chief Executive Officer, Georges Elhedery, aimed at cutting $2 billion in costs to protect the bank’s profitability. She was selected from a strong pool of candidates, according to Elhedery, and will now be one of the highest-ranking women in European banking.
HSBC’s restructuring is part of an effort to streamline its operations, with plans to reduce the number of senior managers and reorganize its global business structure. As CFO, Kaur will play a crucial role in navigating these changes and helping the bank manage financial challenges amid rising competition and regulatory pressures.
Before joining HSBC, Kaur held senior roles at Citigroup and Deutsche Bank. Her compensation package includes an annual salary of £803,000, a fixed pay allowance, pension contributions, and potential variable pay incentives. She will also continue to serve on HSBC’s Group Executive Committee, a role she has held since 2019.
With input from NDTV, Bloomberg, and the Financial Times.
