Europe’s biggest lender HSBC is searching for a new UK boss following current chief executive Ian Stuart’s departure to a new role.

Stuart led its UK business for eight years and is set to move to the bank’s operating committee. 

Following his successor’s appointment, Stuart will take the newly created title of group customer and culture director.

He will still report to the group’s chief executive Georges Elhedery, who described Stuart’s new role as “vital to the long-term success of HSBC”.

The bank said the appointment “will support the continued execution of the bank’s strategy which will see HSBC become a simpler, more dynamic, agile organisation”.

Cost-cutting is Elhedery’s priority

The reshuffle follows the bank posting its annual results last month, where it booked a pre-tax profit of £25.6bn. This was up from the £24bn recorded in 2023.

In the bank’s annual results, Elhedery reaffirmed commitments to slashing costs, pledging an annualised decrease of £1.2bn in its cost base expected by the end of 2026.

Investment bankers were on the chopping block following the cost overhaul, as City AM revealed last month that some were set to receive bonuses whilst others were to be axed on the same day.

The winding down of its investment banking arm and fresh role for Stuart reflect the bank’s reorganisation strategy into four divisions split across the East and West.

Commenting on Stuart’s new appointment, Elhedery said: “A customer-centric, high-performance culture is the foundation of delivering exceptional outcomes for our customers. 

“It builds trust, enhances experiences, and ensures customer satisfaction whilst empowering our colleagues to meet customer needs, drive innovation, and unlock new opportunities. 

He added: “In this new role, Ian will consistently challenge the Group Operating Committee in shaping the culture, ensuring that the voice of the customer informs every decision and action we take. I look forward to seeing Ian’s impact across the Group.”