HSBC global insurance head Edward Moncreiffe to depart

Edward Moncreiffe, HSBC’s global chief executive for its insurance business, is set to depart the bank in September to pursue external opportunities. Moncreiffe has been with the lender for two decades and had assumed his current role in 2024.

His departure follows a series of senior executive exits initiated by group CEO Georges Elhedery as part of a strategic overhaul to reduce costs, trim sub-scale businesses, and prioritize wealth growth. Other recent high-profile departures include former head of banking for Europe and the Americas Gerry Keefe, cash equities trading heads James Grafton and Steve Jobber, and former U.S. banking chief Lisa McGeough.

Sources indicate that HSBC plans to split Moncreiffe’s former role between two new executives.