In 160 years of HSBC, it has appointed its first woman Chief Financial Officer Pam Kaur. A well-qualified finance professional with a great depth of experience, including risk management and compliance, she has played an important role in driving HSBC through difficult times globally and seizing new opportunities. 

As she steps into this key position, Kaur will bring a deep knowledge of finance to the company and a strong commitment to diversity and inclusion.

 

Who is Pam Kaur?

 

Pam Kaur, HSBC's first-ever female CFO, has worked for decades in finance and risk management. Her experience encompasses managing large-scale challenges. Since returning to HSBC in 2013, she has taken on numerous leadership positions, including Group Chief Risk Officer, and headed Internal Audit, playing a key role in guiding the bank through shifting economic landscapes and sometimes tricky international dynamics.

Before joining HSBC, Kaur built an impressive career at significant financial institutions like Citibank, Deutsche Bank, and Royal Bank of Scotland. Her extensive background in auditing, compliance, and risk management has given her the skills to take HSBC through today's financial uncertainties.

Pam Kaur: A Banking Career from Citibank to HSBC

 

Kaur started her career at Ernst & Young as a chartered accountant before moving into internal auditing at Citibank. She further continued to climb up the management ladder at leading financial institutions and, by then was already holding some top-notch designations for example; Global Head of Group Audit at Deutsche Bank; CFO and COO of the Restructuring and Risk Division at Royal Bank of Scotland. She was even already a household name in her field by joining in 2013 as Group Head of Internal Audit at HSBC.

Her influence at HSBC grew rapidly, and in January 2020, Pam Kaur became Group Chief Risk Officer, absorbing Compliance duties in 2021. Pam Kaur, in her entire tenure at HSBC, has demonstrated financial risk capabilities while at the same time responding to new challenges, like changes in the global environment and regulatory challenges.

Why is Pam Kaur an exceptional CFO?

 

Kaur is a natural fit for the CFO role given her deep expertise. She's reporting directly to HSBC CEO Georges Elhedery, helping the bank through quagmires like the global interest rate cycle and how to tread carefully between China and the West. Her in-depth knowledge of risk management gives her a different angle in this challenging role.

Elhedery termed Kaur as the "exceptional candidate," a fact that was evident, seeing that she received all nods despite stiff competition coming from both within and outside the bank. Even the chairman Sir Mark Tucker shared his sentiments, opining how Kaur was a respected figure within the organisation.

 

Pam Kaur's academic background

 

Kaur's academic credentials are as impressive as her career. She possesses a Bachelor of Commerce with Honours and an MBA in Finance from Panjab University in Chandigarh. She is also a Fellow of The Institute of Chartered Accountants in England and Wales, which vouches for her professionalism in the finance industry.

Apart from professional virtues, she is an avid diversity and inclusion advocate. Being an executive sponsor of HSBC's Global Ethnicity Inclusion program, she is always inclusive in creating a 'one voice' workplace where everyone would be sure to present themselves properly within the organization.

 

How much does Pam Kaur earn as HSBC CFO?

 

As a CFO of HSBC, Pam Kaur enjoys a very competitive pay. Her base pay is $1.04 million; she is eligible for a fixed pay allowance of $1.4 million and a pension allowance of about $104,000. Apart from this, Pam Kaur will receive a discretionary variable pay which can include an annual incentive award worth up to 215% of the base salary along with a long-term incentive award to the tune of 320%.

 

Personal life of Pam Kaur

 

While a large part of Kaur's working life was an achievement, she also values her personal life. Born in India, she graduated from Panjab University and lives in London with her husband. Her best aspects are drawn from her heritage while she goes about her professional responsibilities in one of the world's largest financial institutions.

 

The future focus of HSBC

 

Under Kaur's careful financial stewardship, HSBC continues to expand. The bank ranked number 12 on the just-released 2024 Fortune 500 Europe. The bank serves nearly 42 million customers in 62 countries. Hong Kong and the United Kingdom have long been its home markets; increasingly, however, it is oriented toward Asian expansion-the great triad of growth for Asia- China, Singapore, and India. Under Kaur's competent stewardship, HSBC will seize this new set of opportunities while managing global risks.

The appointment of Pamela Kaur as CFO is a giant leap ahead for HSBC, not only because she was the first lady ever but for bringing to this role unparalleled expertise. Her career gives itself out as an example of what can be achieved through dedication and hard work coupled with an adherence to excellence.