Switchover at HSBC as head of wealth Nuno Matos leaves after top job snub

Senior HSBC executive Nuno Matos is to leave after missing out on the top job.

Matos, head of wealth and personal banking, has ‘decided to step down to pursue other opportunities’ after nine years at the lender, the bank said.

He is one of three senior managers whose departure was announced yesterday ahead of Georges Elhedery taking over as chief executive on Monday.

Matos was among the favourites to succeed Noel Quinn when he announced his departure this year – but was beaten to it by Lebanese-born finance chief Elhedery. Hong Kong-based Matos, who is Portuguese, joined in 2015 from Santander.

He told staff in an internal memo: ‘This is the right time for me to embrace new opportunities.’ A member of the bank’s 18-strong executive committee, Matos will stay on as an adviser before leaving in 2025.

He is being replaced by Barry O’Byrne, head of the commercial banking division.

John Hinshaw, chief operating officer, and Elaine Arden, chief human resources officer, are also leaving.

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