LONDON — HSBC Holdings PLC said Friday that Niall Booker is leaving his position as chief executive officer of the bank's North American operations, with two senior executives set to take overall responsibility for the U.S. and Canada.
Booker won't be directly replaced, as Irene Dorner will assume responsibility for HSBC's operations in the U.S., while Lindsay Gordon will continue to run the bank's Canadian operations, with both executives reporting to CEO Stuart Gulliver.
The leadership changes will take place Nov. 1, subject to regulatory approvals.
"I would like to thank Niall Booker for his many contributions to HSBC over his 30-year career, [including] his role in reshaping our North American business to align it with our global strategy and ensuring a strong culture of compliance in the region," Gulliver said.
Booker assumed CEO North America role in June 2010.
"I am delighted to have such experienced and talented chief executives in Irene Dorner and Lindsay Gordon in place to take the region forward," Gulliver added.
HSBC has been downsizing its U.S. business, with its mortgage portfolio in wind-down mode and the recent sale of its credit card business, said an analyst, so it is no surprise that the bank is downsizing its management team in the country.
The bank's operations in the U.S. are primarily conducted through HSBC Bank USA, which is concentrated in New York state, and HSBC Finance, a national consumer finance company based near Chicago.
Dorner will head those two entities in her role as group general manager, president and CEO of HSBC USA. Patrick Burke, group general manager and CEO of HSBC Finance Corp., will report to Dorner.
HSBC Bank USA serves around 4 million customers from more than 470 bank branches throughout the U.S. Its total assets as of 30 June 2011 were $195.1 billion.
HSBC Finance provides credit cards and private label credit cards, taxpayer financial services and specialty insurance products as well as servicing of real estate secured and unsecured loans.