HSBC Considering Pam Kaur As First Female CFO In 159-Year History: Report

Kaur, 60, currently the chief risk and compliance officer, is considered a strong contender for the chief financial officer position that opened up after Georges Elhedery took over as CEO

HSBC Holdings is contemplating the appointment of its first female finance director in its 159-year history, with Pam Kaur emerging as a top candidate among several senior executives for this prestigious position in global banking, according to a Bloomberg report.

Kaur, 60, currently the chief risk and compliance officer, is considered a strong contender for the chief financial officer position that opened up after Georges Elhedery took over as CEO of Europe’s largest lender on September 2, as per the report citing sources familiar with the situation.

Other potential candidates include Greg Guyett, head of global banking and markets; Willard McLane, group head of strategy and corporate development; and Kavita Mahtani, CFO of HSBC’s Europe and Western Markets, states the report.

According to sources in the report, no final decision has yet been reached regarding the appointment of a new Chief Financial Officer at HSBC, and it remains possible that additional candidates may enter the selection process. A spokesperson for HSBC declined to provide any comments on the matter. The bank has indicated that it is actively searching for a permanent CFO to succeed Elhedery, who aims to make his own mark on the organization as its new leader.

As central banks across the globe continue to lower interest rates, a trend that is likely to erode the revenue streams of major international banks such as HSBC, Elhedery faces the significant challenge of identifying ways to cut $2 billion in costs. This reduction is essential to maintain a crucial metric of the bank's profitability, as highlighted by Bloomberg Intelligence.

Kaur brings extensive experience to the table, having worked at several of the world's largest financial institutions. At Citigroup, she held multiple positions, including that of global director of compliance for consumer banking. Additionally, she served as the global head of group audit at Deutsche Bank AG, further enhancing her credentials in the banking sector.