One of the most powerful women in banking just got more powerful.
HSBC said Friday that it has appointed Irene Dorner president and chief executive of HSBC USA. She currently runs HSBC Bank USA.
Her promotion is effective Nov. 1. It comes as Niall Booker, CEO of HSBC North America Holdings Inc., steps down after 30 years with the company.
In her new role, Dorner will be responsible for HSBC Bank and HSBC Finance Corp., which sells products including credit cards, private-label cards and unsecured loans, to U.S. consumers. Patrick Burke, head of HSBC Finance, will report to Dorner.
Dorner will now report directly to HSBC CEO Stuart Gulliver, as will Lindsay Gordon, head of HSBC Bank Canada.
Dorner's promotion was announced the day after she accepted an award from American Banker magazine, which named her the fourth-most powerful woman in U.S. banking.
An HSBC spokesman said the changes were part of the company's strategy of becoming more efficient. In July, HSBC agreed to sell its upstate New York branch network to First Niagara Financial Group for approximately $1 billion. In August, the company agreed to sell its credit card portfolio to Capital One Financial Corp. for a $2.6 billion premium.