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HSBC's new MD list is a bit smaller than before

HSBC's new managing directors were promoted in the past week. However, they are less plentiful than in the past.

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In a memo sent today, Greg Guyett, HSBC's CEO of Global Banking & Markets, said the bank has promoted 75 new managing directors this year and 181 new directors.

More "talented women" and people from "diverse ethnic backgrounds" have been promoted, added Guyett in the memo seen by eFinancialCareers. However, he did not divulge female and ethnic minority promotions as a proportion of the total.

The new MDs include the likes of Simranjit Saggu, a London-based energy banker, Monica Lancaster in risk and compliance transformation, and Wee Yang Tay, a financial sponsors banker in Hong Kong. 

They come after HSBC paid generous bonuses for 2023. However, making MD in the investment bank may be harder than before: five years ago, HSBC promoted 83 people to MD in global banking and markets. The pool is shrinking.

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AUTHORSarah Butcher Global Editor

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