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HSBC USA Announces Four New Appointments to Its Boards of Directors
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Rhea-AI Summary
HSBC Bank USA has appointed four new members to its Board of Directors: Deborah P. Bailey, Melvin L. Flowers, George W. Madison, and Alice D. Schroeder. Flowers and Madison's appointments are effective from January 11, while Bailey and Schroeder were appointed in late October 2021. These new members bring diverse expertise from various industries, which HSBC aims to leverage for the transformation and growth of its U.S. business. HSBC is one of the world's largest banking and financial services organizations, with assets totaling $2,969 billion as of September 30, 2021.
Positive
Appointment of four new board members enhances governance and oversight.
Board members bring diverse and extensive industry expertise.
Strategic focus on transforming and growing HSBC's U.S. business.
Negative
None.
Deborah P. Bailey, Melvin L. Flowers, George W. Madison and Alice D. Schroeder are the newest Board Members of HSBC North America Holdings Inc. (HNAH) and HSBC Bank USA, N.A. (HBUS)
NEW YORK--(BUSINESS WIRE)--
HSBC Bank USA today announced the recent appointments of Deborah P. Bailey, Melvin L. Flowers, George W. Madison and Alice D. Schroeder to the HSBC North America Holdings Inc. (HNAH) and HSBC Bank USA, N.A. (HBUS) Boards of Directors. Flowers and Madison’s appointments are effective as of Jan. 11 while Bailey and Schroeder were appointed in late October 2021.
Deborah P. Bailey (Photo: Business Wire)
“When we set out to appoint new members to our Boards, we were focused on finding experienced individuals who would bring diverse views and perspectives,” said Jamie Forese, Non-Executive Chairman of the Board, HSBC North America Holdings Inc., and Director of HSBC Holdings plc. “We are delighted to welcome Deborah, Melvin, George and Alice to our Boards. They each have wide-ranging expertise from a variety of industries and we’re confident they will make valuable contributions to our Boards as we continue to transform and grow our US business.”
Bailey is a former Managing Director with KPMG and Deloitte, where she led advisory practices specializing in governance, compliance and risk management for financial institutions. Prior to her consulting career, Bailey spent many years in government service at US financial regulators. She began her career with the Office of the Comptroller of the Currency, where she held various roles, including the New York Field Office Director. Bailey later joined the Board of Governors of the Federal Reserve, where she rose to Deputy Director of Banking Supervision and Regulation and helped steer the financial industry through major regulatory and supervisory changes stemming from the financial crisis.
Flowers is a former Corporate Vice President of the Internal Audit and Risk Management function at Microsoft Corporation. During his time at the company, Flowers transformed Microsoft’s internal audit and enterprise risk management functions into a strategic risk-based organization that covered financial reporting, risk management, cyber security, privacy and compliance with regulations and company commitments. Prior to joining Microsoft, Flowers served as Chief Financial Officer at Novatel and at two high-growth telecommunications equipment manufacturers, where he facilitated organic and inorganic strategies to scale the businesses through a period of rapid technological advancement.
Madison is a former Partner at Sidley Austin LLP, where he advised the firm’s multinational clients on corporate governance issues and regulatory compliance matters. Prior to joining Sidley Austin, Madison served as General Counsel of the Department of the Treasury under President Obama and as a senior advisor to Secretary of the Treasury Timothy Geithner. In this capacity, Madison played an instrumental role in the formulation of the Dodd-Frank legislation and related regulation, and advised on the creation of the Financial Stability Oversight Council and the Consumer Financial Protection Bureau.
Schroeder is an experienced non-executive director, whose board roles include UK and US-listed businesses as well as privately held companies and regulated subsidiaries. She began her career as a CPA with Ernst & Young and spent the majority of her executive career in the financial services sector. She worked as a Wall Street analyst with a focus on insurance and investment management before joining Morgan Stanley where she was a Managing Director leading the global insurance research team. Schroeder is the author of the #1 New York Times best-selling book, “The Snowball: Warren Buffett and the Business of Life.” She is the only author with whom Buffett has ever cooperated on a biography.
About HSBC
HSBC Bank USA, National Association (HSBC Bank USA, N.A.) serves customers through wealth and personal banking, commercial banking, private banking, and global banking and markets segments. It operates bank branches in: California; Washington, D.C.; Florida; Maryland; New Jersey; New York; Pennsylvania; Virginia; and Washington. HSBC Bank USA, N.A. is the principal subsidiary of HSBC USA Inc., a wholly-owned subsidiary of HSBC North America Holdings Inc. In the United States, deposit products are offered by HSBC Bank USA, N.A., Member FDIC, investment and brokerage services are provided through HSBC Securities (USA) Inc., (Member NYSE/FINRA/SIPC) and insurance products are provided through HSBC Insurance Agency (USA) Inc.
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. HSBC serves customers worldwide from offices in 64 countries and territories in our geographical regions: Europe, Asia, North America, Latin America, the Middle East and North Africa. With assets of $2,969 billion at 30 September 2021, HSBC is one of the world’s largest banking and financial services organizations.
The new board members of HSBC include Deborah P. Bailey, Melvin L. Flowers, George W. Madison, and Alice D. Schroeder.
What is the effective date of the new board members' appointments at HSBC?
Melvin L. Flowers and George W. Madison's appointments are effective as of January 11, while Deborah P. Bailey and Alice D. Schroeder were appointed in late October 2021.
Why did HSBC appoint new board members?
HSBC aimed to bring in experienced individuals with diverse views and perspectives to enhance its governance.
What industries do the new HSBC board members come from?
The new board members have experience in governance, compliance, risk management, internal audit, and corporate legal advisory.
What is HSBC's asset size as of September 30, 2021?
HSBC's total assets as of September 30, 2021, were $2,969 billion.
