HSBC's first female chief financial officer, Pam Kaur, is set to step down from her role by next spring, marking another significant change at the banking giant. Kaur, who has held the position since January 2025, announced her departure, stating it was “the right time… to embrace new leadership opportunities and apply my experience in a different context.”

Her exit, which surprised observers in the City, occurs under the tenure of chief executive Georges Elhedery, who assumed leadership two years ago. The UK-based bank, which derives the majority of its revenue from Asia, has undergone a restructuring that includes dividing the group into East and West divisions, cost-cutting measures, and the divestment of certain global operations.

Kaur's appointment in January 2025 was a landmark moment in HSBC's 160-year history, making her the first woman to hold the finance chief position. During her tenure, the bank's share price has approximately doubled. Her departure follows the permanent appointment of Brendan Nelson as interim chairman, concluding a seven-month search for a successor to Mark Tucker.

A source close to the bank has indicated that Kaur's exit is not linked to Nelson's appointment. HSBC has stated that Kaur will transition to an advisory role, assisting Elhedery with strategic projects to ensure a seamless handover.

The bank has initiated a search for Kaur's replacement, considering both internal and external candidates. Kaur, who earned £3.9 million in 2025, will continue to receive her salary and benefits until her notice period concludes in a year and remains eligible for a bonus covering the time until she leaves the board.

This departure comes after a series of high-profile exits from the company, including insurance chief Edward Moncreiffe and former head of banking for Europe and the Americas, Gerry Keefe. HSBC has also closed significant parts of its investment banking operations in the UK.

Edward Firth, an analyst at KBW in London, commented that Kaur's exit was somewhat surprising but acknowledged her effective contribution to Elhedery’s restructuring efforts and the sale of non-essential bank assets, which are reflected in the share price performance. Following the announcement, HSBC shares fell by 1.3 percent.