In another sudden management jolt, HSBC’s UK head Joe Garner has called it quits from his position, after close to two years of being at the helm, and will now be succeeded by HSBC’s European retail banking and wealth management chief Antonio Simoes.
After eight years of association with HSBC, Garner was expected to move out of HSBC in early 2013. But his decision to quit came suddenly, and now Garner will step down from his role in October.
Garner had joined HSBC in 2004 and has been handling retail and commercial banking business in Britain since December 2010.
“I know it is time to move on but don’t want to work internationally so decided the right thing to do was move on from the group”, Garner said disclosing that he was offered to move abroad which he did not find to be a lucrative prospect as he wanted to remain in the UK with his family.
Antonio Simoes joined HSBC from McKinsey & Co in 2007 to head HSBC’s group strategy before moving to Hong Kong in 2009 as chief of staff to the then chief executive Michael Geoghegan. He assumed the role of retail banking and wealth management head for Europe early this year.
Garner said he had not decided on his next role but was keen to continue in his position as chairman of the Financial Services Authority’s practitioner panel. He said the multiple banking reviews, including the parliamentary inquiry into standards and the Libor investigation, could present opportunities to build on his regulatory work and knowledge of the UK market.
Garner also has experience in other industries having worked for Procter & Gamble, the consumer products group, and retailer Dixons.