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HSBC hires Michael Roberts from Citi to replace US chief

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The head of HSBC Holdings Plc's US unit unexpectedly retired and is being replaced by a senior banker at Citigroup.

[LONDON] The head of HSBC Holdings Plc's US unit unexpectedly retired and is being replaced by a senior banker at Citigroup.

Patrick Burke will be succeeded by Michael Roberts, who has been at Citigroup for more than 30 years and has been in roles including chief lending officer and global head of corporate banking and capital management, according to an HSBC statement on Monday.

HSBC's North American unit has been a source of problems for the lender for several years due to bad debt charges and the bank recently flagged the operation as an area of focus as its seeks to improve returns.

Mr Burke "has been instrumental in our US turnaround plan and the positive progress we've made," said HSBC chief executive John Flint in the statement. "We wish him well for the future."

BLOOMBERG