HSBC and UBS: The Restructuring Wave Redefining Global Banking Leadership

The global banking sector is undergoing an executive restructuring cycle that goes beyond conventional CEO changes. The ongoing transformations at HSBC and UBS reveal structural pressures that are forcing the world's largest banks to rethink not only who leads but what they lead.

HSBC and Georges Elhedery's Strategy

Georges Elhedery, who took over as CEO of HSBC Holdings in September 2024, announced in 2025 the closure of significant parts of the group's investment bank in Europe and the United States, a major reversal from the global expansion strategy the institution had pursued for decades.

Elhedery’s rationale is geographic focus: HSBC is structurally stronger in Asia, the Middle East and Latin America than in Europe and the US, where it faces entrenched local competitors with lower operational costs. Concentrating capital and talent in markets of greater comparative advantage is the central bet of his mandate.

In parallel, the institution has made significant leadership moves. Ida Liu was appointed CEO of HSBC Private Bank starting January 5, 2026, bringing high-net-worth wealth management experience to a strategic division in the context of expanding services for high-net-worth clients in Asia. Victor Matarranz, former global CEO of Wealth Management and Insurance at Santander for 13 years, has been appointed head of International Wealth and Premier Banking for the Americas and Europe, effective October 2025.

UBS After Credit Suisse

Sergio Ermotti, who returned to UBS in 2023 specifically to lead the historic integration of Credit Suisse, continues to oversee one of the largest headcount reductions in the European banking sector. UBS has absorbed more than 120,000 employees from Credit Suisse and is committed to cutting tens of thousands of positions throughout an integration process expected to extend until 2026-2027.

The integration has transformed UBS into the world’s largest private wealth manager, with invested assets exceeding $5 trillion. However, it has also created an unprecedented managerial challenge: integrating two distinct corporate cultures, two different technological architectures, and two governance structures that had operated in parallel for decades.

The Restructuring Paradigm

Both institutions follow a common logic: simplifying structure, focusing on businesses with higher return per unit of risk, and reducing operational complexity. For the executives leading these organisations, the required profile has changed: greater skills in organisational change management and communication with regulators and staff, with less focus on geographical expansion and growth through acquisition.

For companies using corporate banking services from these institutions, the restructuring may affect access to specific products, the continuity of relationships, and the conditions negotiated in credit and treasury contracts.