HSBC has announced that Pam Kaur, the bank’s first female chief financial officer, will step down from her role before the annual shareholder meeting in 2027, less than two years after her appointment in January 2025. Kaur, who has been with HSBC since 2013 and previously held positions including group chief risk officer, has stated that the timing feels right to pursue new leadership opportunities outside the bank.

Kaur’s departure is part of a broader reshuffle in HSBC’s senior leadership under chief executive Georges Elhedery, who took over in September 2024 and has been overseeing significant restructuring efforts. These changes include the division of the bank into East and West units, cost-cutting measures, and the sale of various global operations such as the $2.1 billion divestment of life and health insurance businesses in Singapore. Elhedery has substantially downsized the group operating committee, which implements the bank’s strategy, reducing its size by nearly half.

During her tenure, Kaur helped support Elhedery’s restructuring plans, which have been reflected in a roughly 28 percent increase in HSBC’s share price since the start of the year, despite a 1.3 percent decline following the announcement of her exit. HSBC also experienced recent leadership changes with the permanent appointment of chairman Brendan Nelson after an extended search, and the departure of Edward Moncreiffe, the former global head of insurance, in August.

Following her resignation, Kaur will assume an advisory role to assist Elhedery with ongoing strategic initiatives and help ensure a smooth leadership transition. The bank has already begun a search for her replacement, considering both internal and external candidates. Kaur’s compensation package includes continued salary and benefits during her one-year notice period, as well as eligibility for a bonus covering her tenure on the board.

HSBC has emphasized Kaur’s significant contributions throughout her 13-year career at the bank, including her previous roles in internal audit, risk, and compliance. Both Elhedery and Nelson acknowledged her strong judgment, financial discipline, and integrity. Kaur expressed gratitude for being part of the leadership team and highlighted the bank’s strong financial and strategic position as she plans for her next career step.

The changes come amid a period of transformation for HSBC, which has recently resumed share buybacks after pausing them to fund acquisitions in its Hong Kong subsidiary, Hang Seng Bank. The bank reported a 23 percent rise in first-half profits to $19.5 billion, with revenues increasing by 11 percent to $37.7 billion, reflecting steady growth despite the ongoing adjustments at the top levels of management.