Exclusive-HSBC global insurance business head Moncreiffe to leave, sources say

By Selena Li and Sumeet Chatterjee

HONG KONG, Aug 12 (Reuters) - HSBC's global chief executive for insurance business, Edward Moncreiffe, is set to leave the bank after two decades with the lender, according to two people with direct knowledge of the matter.

Moncreiffe, who took over the role at the Asia-focussed lender in 2024, will leave soon for external opportunities, the sources said, speaking on condition of anonymity because the matter has not yet been publicly disclosed.

A Hong Kong-based spokesperson for HSBC declined to comment. Moncreiffe, whose impending departure from HSBC has not been reported previously, did not immediately respond to Reuters request for comment.

Moncreiffe's departure would mark the latest in a string of senior executive exits at HSBC since group CEO Georges Elhedery launched a sweeping overhaul after taking the helm in 2024 to cut costs, trim sub-scale businesses and focus on wealth growth.

Recent high-profile exits include former head of banking for Europe and the Americas Gerry Keefe, who resigned in April and its cash equities trading heads James Grafton and Steve Jobber, who left in February.

The bank's former U.S. banking chief Lisa McGeough departed last September.

The bank plans to appoint two executives to succeed Moncreiffe, effectively splitting the role, one of the sources said. Moncreiffe will officially leave in September, according to the other source.

(Reporting by Selena Li and Sumeet Chatterjee; Editing by Sam Holmes)