HSBC chief risk officer and board member Marc Moses to retire

[LONDON] One of HSBC Holdings' most senior executives is expected to announce his departure next week as the global lender pushes ahead with management changes, according to people familiar with the matter.

Chief risk officer Marc Moses, one of just four bank executives who sit on the London-based company's 15-member board, will retire, according to the people, who asked not to be identified discussing private information.

The 62-year-old executive will be replaced by Pam Kaur, the head of wholesale market and credit risk who's been acting as Mr Moses' understudy since earlier this year, one of the people said.

The departure will mark the most senior exit since the ouster of chief executive officer (CEO) John Flint in August, but it's been in the works since before then, the people said. An HSBC representative declined to comment.

Samir Assaf separately is preparing to step down as head of global banking and markets, with his job split between Georges Elhedery and Gregory Guyett, Bloomberg previously reported. Mr Assaf is expected to move into a non-executive position with the bank, people have said.

HSBC has yet to appoint a permanent CEO to replace Mr Flint. Noel Quinn, the former global head of commercial banking, is the interim CEO and considered one of the front-runners to win the job.

Mr Quinn is working on a restructuring that's expected to close parts of the business and sell off some operations, including the French retail unit. Details of the overhaul will be announced along with the company's full-year results in February.

BLOOMBERG