HSBC Holdings will be sending two executives to the US due to loan impairment charges reaching USD10.5 billion in 2006. An increases in charges was believed by the bank to be a result of a slump in house price growth. The Wall Street Journal has reported that two executives will be sent to HSBC Finance in Chicago, to examine risk management controls.
The new chief financial officer for HSBC North America Holdings will be Chris Spooner, who was previously the head of tax and planning. He is taking over from Simon Penney, who will be retiring.
Brendan McDonagh will also become a chief operating officer, with Michael Geoghegan, a chief executive, will take on a larger role in the firm’s US mortgage business.