HSBC announced that HSBC Chief Executive Patrick Burke will retire later this year. He was replaced by Michael Roberts, managing director who had worked for Citi for 34 years and was in charge of corporate loans. The change is expected to accelerate the recovery of the US business.
Roberts said in an internal communication that HSBC is undergoing a major transformation and will make significant efforts to revitalize the performance.
In the early years, the bad debts left before the financial tsunami affected the performance of HSBC.
Burke served as CEO of HSBC in 2014.