HSBC CFO Pam Kaur will leave her role next year before the bank’s annual general meeting, Britain’s largest lender disclosed Thursday.
Additionally, Kaur will not stand for re-election to HSBC’s board next year. After leaving the CFO role, Kaur will advise HSBC CEO Georges Elhedery on “ongoing strategic projects,” and continue in that capacity through the end of 2028, the bank said.
“With the bank in a strong place, financially and strategically, 2027 feels the right time in my career to embrace new leadership opportunities and apply my experience in a different context,” Kaur said in a statement Thursday.
Edward Firth, a London-based analyst at Keefe, Bruyette & Woods, called Kaur’s pending exit “a bit of a surprise.”
“She has done a good job since being appointed in supporting Elhedery’s restructuring and selling off superfluous parts of the bank, the results of which can be seen in the share price,” Firth wrote Thursday in a note seen by Banking Dive.
HSBC’s stock value has increased 125% since Kaur ascended to CFO at the start of 2025.
She is the first woman to serve as finance chief for the $3.4 trillion-asset bank. Kaur joined HSBC in 2013 as head of internal audit, and climbed to chief risk and compliance officer before becoming CFO, according to her LinkedIn profile.
HSBC Chair Brendan Nelson cited Kaur’s “achievements, dedication and service” in a statement Thursday.
“In her roles in Internal Audit, Risk & Compliance, and Finance, she has demonstrated strong judgment and integrity,” Nelson said. “She will leave the Group CFO role with our deepest thanks and best wishes.”
HSBC has begun a search, internally and externally, for Kaur’s successor. Kaur’s upcoming departure marks the latest executive switch-up in a tumultuous two-year stint for HSBC under Elhedery. In that time, the bank has welcomed a new chair, seen two leadership changes at its U.S. unit, brought aboard a new private-bank chief from Citi and debuted a role as artificial intelligence chief. Additionally, HSBC underwent a deep restructuring and fought off rumors that it would break up.
In his statement Thursday, Elhedery appeared thankful for some measure of continuity.
“Over the last two years as Group CFO and during her tenure at HSBC, Pam’s deep experience, strong judgment and firm commitment to financial discipline have been invaluable,” Elhedery said. “I am grateful for her support and partnership and am pleased this will continue in her capacity as an adviser.”
Kaur will continue to receive her salary, a cash allowance in lieu of pension, and benefits through Sept. 9, 2027, HSBC said Thursday. She will be eligible for an annual incentive award for 2026 and 2027, taking into consideration “relevant performance measures and her contribution,” the bank said. The latter award would be prorated to the date Kaur steps down from the board.
Kaur’s deferred awards will continue to vest and be released on their previously scheduled dates, the bank said.
Before HSBC, Kaur logged stints at Citi, Lloyds, Royal Bank of Scotland and Deutsche Bank throughout a four-decade career, according to her LinkedIn profile.
