NEW YORK — The U.S. arm of HSBC Holdings PLC said it will shuffle its senior management team, including replacing the head of its retail banking unit.
Martin Glynn, the 55-year-old chief executive of the U.S. retail bank, will retire at the end of the year, after 24 years with HBSC, the company said Monday.
His replacement is Sandy Derickson, 53, who has been vice chairman of HSBC’s consumer-finance business. Prior to joining an HSBC predecessor in 2000, she had a 24-year career at General Electric Co.
Brendan McDonagh, the banking unit’s chief operating officer, will become group executive of the consumer-finance unit and HSBC North America Holdings Inc., beginning next month.
By swapping executives between the banking and consumer-finance units, HSBC is aiming for “greater cross-fertilization and collaboration” between the two divisions, said Bobby Mehta, CEO of HSBC North America, which includes the U.S. banking and consumer-finance businesses.
“It’s a very strong statement that we want to get the bank and the finance company to work together,” he said in an interview Monday.
HSBC also named Paul Lawrence to run its North American corporate investment-banking and markets unit. Lawrence, 45, had been CEO of HSBC Singapore. Previously, the investment-banking unit had two co-heads: Tony Murphy, who will now report to Lawrence, and Joseph Petri, who is retiring.
HSBC, whose British parent company is the world’s biggest bank by assets, has been growing aggressively in the United States.
Its finance arm, which initially was built through the acquisition of Household International, has been expanding via deal making, including last year’s purchase of credit-card issuer Metris Cos.
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