Richard Moseley, new HSBC CEO, Phil Butterfield, retiring CEO and new chairman, and John Campbell, retiring chairman. *Photo by Raymond Hainey
Richard Moseley, new HSBC CEO, Phil Butterfield, retiring CEO and new chairman, and John Campbell, retiring chairman. *Photo by Raymond Hainey

THURSDAY, MAY 10: HSBC deputy CEO Richard Moseley is to take over from retiring bank chief Phil Butterfield, it was announced today.

But Mr Butterfield, who has been with the bank and its predecessor the Bank of Bermuda for around 40 years, will not be cutting his connection entirely.

He will take over as chairman of the global bank’s Bermuda operation and its 700-plus employees, replacing veteran John Campbell, who is stepping down after a quarter-of-a-century on the board.

Mr Moseley, who has worked in Bermuda for more than two years after overseeing HSBC’s North American operations, which include Bermuda, for several years.

He said: “This is a real honour because I’m very conscious of the fact that I’m responsible for an institution which very important to Bermuda.”

He added that the bank “strongly believed” a healthy economy was good for Bermuda and good for the banking industry.

And Mr Moseley said he hoped he and Mr Butterfield would be the “dream team” to continue the success of HSBC in Bermuda.

And he promised to work to continue the bank’s commitment to promoting Bermudian talent, both at home and in overseas positions.

Mr Moseley said that, while the bank would continue to look at efficiencies, it was unlikely there would job cuts like the ones that have recently taken place in HSBC UK operations.

He added: “We have managed our staff numbers very tightly over the past six or seven years. We continue to look at operations to see if we can manage the business more cost-effectively, but that has to be taken in context with where we are today.

“We have lost three or four hundred jobs in the last ten years.”

Mr Butterfield, who has been CEC for eight years, said: “I’m very confident in Richard’s leadership and that HSBC will continue to be the leading financial services provider in Bermuda.”

He added: “The past eight years have been an extraordinary journey for me, personally and professionally.

“I’m looking forward to a schedule which will allow me to do other things, but also allow me to continue an association with an organization which is dear to my heart.”

Mr Campbell, who has been chairman for seven years, said his time at the bank had been “a great journey, a wonderful experience and a continuing education.”

And he predicted Mr Butterfield would be “outstanding” as his successor.