HSBC salaries: Rishi Sharma to take on top job at HSBC

HSBC will have to spend up to £1bn to recruit the next Chief Executive Officer (CEO) and its first Director of Research and Development (DRD). 

Rishi Sharma will take over from Paul Chater and is expected to make the announcement in a statement on Thursday. 

Mr Sharma will be joining the world’s biggest bank, which has faced intense scrutiny over its handling of the scandal, and will be responsible for overseeing the bank’s £1.6tn business. 

“This will be a challenging transition but we have set out a strategy to ensure we stay on course,” said HSBC Group chief executive Martin Ford. 

The bank said it had already appointed a Chief Executive to oversee its work on the financial crisis. 

Earlier this week, the bank said Mr Sharma would take over on February 1 after leaving the Bank of Baroda in November, but he will have a year to work out his future. 

In his statement, Mr Sharma said: “I’m excited to be joining HSBC and I’m excited about this exciting new opportunity.” 

He said the bank would make a decision by the end of the year. 

What we know about Rishi: Mr Chater, who had led the bank since it was created in 2005, left in November after a year as the bank CEO, and was replaced by Mr Sharma. 

Since then, HSBC has faced questions over its response to the scandal. 

HSBC has apologised for some of the practices of the bank, including its failure to follow up on information that it had given the police and prosecutors about the fraudster. 

But it has also insisted that the banks’ internal culture was excellent. 

More: In an interview with Reuters in November this year, Mr Chater said he hoped the bank could regain its reputation as an “innovative bank” in the financial markets.