Michael Roberts

HSBC is replacing the chief executive of its US operation with a veteran of rival bank Citigroup as the lender tries to turn the struggling business around. The London-based bank recently announced the retirement of Patrick Burke who was as chief executive of HSBC USA in October 57, who has worked for HSBC since 1989, and he would be replaced by Michael Roberts, an executive who has worked at Citi since 1986.

Group Chief Executive, John Flint said: “We are extremely grateful to Pat for his 30 years of highly professional service and his leadership of HSBC USA. He has been instrumental in our US turnaround plan and the positive progress we’ve made. We wish him well for the future.”

Commenting on Michael’s appointment, Group Chief Executive, John Flint said: “We are delighted to welcome Michael to HSBC. Michael brings with him significant international, strategic and regulatory experience that will prove invaluable in leading the US business forward.”

The Ex Citi veteran who has been with Citi for 34 years, where he has also held senior position of a Chief Lending Officer and Global Head of Corporate Banking and Capital Management for the past 9 years will be joining HSBC where he shall be heading as a Group Managing Director and will report to John Flint, HSBC Group Chief Executive. He will also sit on the Group Management Board.

by Megha Bhattacharya
Market Analyst at IBS Intelligence
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