HSBC Holdings’ U.S. operation is getting a new chief financial officer at the end of June. Jack McGinnis is to replace 18-year HSBC veteran Edgar Ancona as CFO of HSBC North America Holdings, the tenth-largest bank holding company by assets in the U.S.
Ancona is retiring and has been HSBC North America’s CFO since 2009, HSBC said.
McGinnis for two years has been CFO of HSBC’s $206 billion-asset national bank, HSBC USA, which handles retail and commercial banking at 465 branches in 12 states and the District of Columbia.
He is keeping that job. So his promotion effectively puts him in charge of the finances of HSBC USA’s troubled sister company, HSBC Finance, which houses unwanted subprime loans, insurance products and other assets and services that HSBC has been winding down for years.
Ancona joined HSBC in 1994. Earlier in his career he was CFO of HSBC’s China operations. He also ran HSBC Finance’s treasury unit and HSBC North America’s asset liability management.
McGinnis is to join HSBC’s finance management board. He joined HSBC in 2006 as controller for North America. He spent 16 years with Ernst & Young prior to that.
He will now report directly to HSBC North America Chief Executive Irene Dorner, who took that job in November when her predecessor, Niall Booker, left the company after three decades.
HSBC Finance CFO Michael Reeves will remain in his current position and now answer to McGinnis.
London-based HSBC Holdings has $2.6 trillion of assets and more than 7,200 offices around the world.