HSBC Holdings’ corporate and institutional banking overhaul has reduced women’s representation in senior roles across Asia, according to Bloomberg.
The bank’s restructuring required executives to reapply for positions in the newly merged division, resulting in several senior women losing out.
Christina Ma, Head of Global Banking for Asia-Pacific, and Amanda Murphy, who led commercial banking for South and Southeast Asia, were both contenders to oversee the combined unit for Asia and the Middle East.
Neither secured the role, and Ma is set to leave HSBC.
Out of at least 15 senior banking appointments in Asia-Pacific, only two went to women—Hajrah Sakauloo, CEO and head of banking for Mauritius, and Priya Kini, who oversees seven smaller markets, including Bangladesh, Sri Lanka, and the Philippines.
Top roles in HSBC’s key markets—Singapore, China, and India—were filled by men, while most smaller markets retained incumbent country heads, primarily male.
The restructuring has sparked internal discussions, with some appointments surprising staff, Bloomberg reported.
HSBC has not provided detailed public data on gender representation in the revamped unit, making it difficult to assess how the mix compares to the previous structure.
The bank integrated its commercial and global banking operations earlier this year, placing former Citigroup banker Michael Roberts in charge of the new unit.
CEO Georges Elhedery has focused on cost-cutting and streamlining operations.
When asked for comment, HSBC referred to Elhedery’s earnings call, where he reaffirmed the bank’s commitment to diversity, saying an inclusive culture that values diverse perspectives and experiences has improved customer outcomes.
The corporate and institutional banking division, which includes investment banking and trading, remains a major revenue driver, contributing US$11.4 billion in pretax profits last year—35% of HSBC’s total.
While some women remain in senior roles at HSBC, their representation in the Asia banking division has declined.
Departing executives include Rachel Watson, former co-head of leveraged and acquisition finance for Asia-Pacific, leaving Ashish Sharma as sole head.
Selene Chong, Head of Equities for Asia-Pacific, took a sabbatical earlier this year, with Kenneth Hon taking over while retaining his role as Head of Prime Financing.
Across the broader organisation, HSBC continues to have female leaders in key roles.
Luanne Lim leads HSBC Hong Kong, the bank’s largest market, while Diana Cesar heads Hang Seng Bank, its Hong Kong-listed subsidiary.
Pam Kaur was also named HSBC’s first female Chief Financial Officer in October.
HSBC’s broader gender representation remains in line with competitors.
Women held 34.6% of senior leadership positions in 2024, up from 34.1% the previous year.
In comparison, Standard Chartered reported 33.1% female representation in senior roles, while JPMorgan Chase had nearly 30%.
Recent female appointments at HSBC include Danielle Johnson as Global Head of Institutional Clients in New York, Doris Wong as Managing Director for Global Corporates in Hong Kong, and Noor Adhami as Head of Global Network Banking in Dubai.
Meanwhile, major US banks are scaling back diversity initiatives amid increasing legal and political scrutiny, raising concerns about gender representation in financial leadership.
Featured image credit: Edited from HSBC
