Shipman will continue to report to Castello. Credit: ACHPF/Shutterstock.

HSBC has named John Shipman as the interim CEO of its Swiss Private Bank and country head of HSBC Switzerland, reported Reuters.

Shipman will assume these responsibilities on 1 January 2025.

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The move comes as part of the banking giant’s broader overhaul, aimed at reaping cost savings and simplifying the structure to speed up execution.

Shipman will take over from Gabriel Castello, who was recently appointed as the interim CEO of HSBC’s global private banking.

Shipman, with over six years of experience as chief risk officer at HSBC’s Swiss Private Bank, will continue to report to Castello.

Earlier this month, HSBC said its global private banking and wealth CEO Annabel Spring is departing to pursue other opportunities.

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Gabriel Castello was named the interim CEO of global private banking. He will retain his existing roles as CEO of the Swiss Private Bank and head of global private banking for EMEA until further notice.

In October 2024, HSBC disclosed plans to reorganise its global presence into ‘East’ and ‘West’ divisions.

This restructuring is designed to eliminate duplication of processes and offer more alignment.

From 1 January 2025, HSBC plans to operate through these businesses – Hong Kong; UK; corporate and institutional banking; international wealth and premier banking.