News

Law

Asset Management

Investment Banking

Wealth

Hedge Funds

People

Newsletters

Events

Lists

HSBC to lose two board members amid tougher rules

UK is preparing new rules on accountability of senior bank executives and directors

HSBC is to lose two board directors at its UK unit amid a toughening of Britain’s rules around bank officials’ accountability, a person familiar with the matter said Tuesday.

HSBC Bank board member Alan Thomson has submitted his resignation, the person said, after holding the post since April 2013. He was a member of the unit's audit and risk committees, and holds several other directorships at non-financial UK companies. The UK bank's deputy chairman, John Trueman, is also expected to resign, the person familiar with the matter said. Trueman has been a director at the bank since 2004 and started his current role in December. He is also chairman of HSBC Private Bank UK, according to HSBC's annual report.

WSJ Logo