British banking group HSBC has appointed Mark Yunfeng Wang as the president and CEO of its China operations, replacing David Liao.
At present, Wang serves as the head of global banking and markets China, a role he held since June 2016. He has been working at the bank since 2005.
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Meanwhile, Liao will now assume another senior role at the bank.
HSBC China chairman Peter Wong said: “China is central to HSBC’s strategic aim of accelerating growth from its Asian franchise.
“With his extensive banking experience, particularly in driving China-related business in trading and capital markets, Mark will lead one of the group’s most important markets, helping us to support our customers’ businesses within as well as outside the mainland.”
HSBC has been going through a rough patch lately.
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By GlobalDataIts pre-tax profit plunged 33% year-on-year to $13.3bn in 2019.
In Q4 2019, the bank reported a pre-tax loss of $3.9bn, driven by a goodwill impairment of $7.3bn.
The bank has now announced an overhaul, including the combination of retail banking and wealth management with global private banking.
Moreover, it will slash 35,000 jobs.
Last year, HSBC Greater China CEO Helen Wong Pik-kuen stepped down.
Instead of being replaced, the responsibilities of Pik-kuen were split among the bank’s Hong Kong, Macau, mainland China, and Taiwan country heads.
HSBC CEO John Flint also stepped down last year. HSBC head of global commercial banking unit Noel Quinn replaced Flint on an interim basis.
