HSBC has begun hunting for new non-executive directors as part of a shake-up of its board, according to person familiar with the matter.

The bank has hired MWM Consulting to find non-executive directors to replace long-standing board members, according to a person familiar with the matter. The list of board members set to depart includes the chair of HSBC North America Holdings, Rona Fairhead, and HSBC's deputy chairman, Simon Robertson, this person said.