HSBC's Chief Sustainability Officer Resigns

Celine Herweijer, HSBC's chief sustainability officer, will step down on December 31 following a management reshuffle that removed her role from the bank's executive committee in a cost-cutting effort led by new CEO Georges Elhedery. Herweijer has been pivotal in shaping HSBC's climate policy and net zero strategy since she took the role in July 2021. Julian Wentzel will serve as interim chief sustainability officer while the bank searches for a permanent replacement. This restructuring has raised concerns about HSBC's commitment to climate issues amidst a growing backlash against green finance. HSBC maintains that supporting the transition to net zero remains a priority, but critics fear that the changes indicate a shift in focus away from sustainability. Richard Blackburn has also been appointed as interim chief risk and compliance officer, further emphasizing the ongoing organizational changes at the bank.