This includes the departure of Annabel Spring, Global Private Banking and Wealth head, with Gabriel Castello assuming the interim CEO role for global private banking, effective January 1st.
Additionally, Matthew Ginsburg, a former investment banker with Morgan Stanley and Barclays, will also be leaving the organization.
In October, HSBC revealed plans to consolidate certain operations, dividing its geographic presence into East and West, while eliminating redundant positions to concentrate on its Asian market in an effort to manage expenses and increase revenue.
This restructuring represents one of the most significant transformations for the London-based bank in recent years, with a continuous stream of senior executives departing as Elhedery aims to establish a more streamlined and agile organization.
"We have now completed the next stage of these important changes, which will help us fast forward our plans to execute our strategic priorities," Elhedery stated in a separate announcement.
The bank has also appointed Lisa McGeough as president and CEO for the United States, marking the first time in over a decade that a woman has held this position in the region.
McGeough, who is currently co-head of global banking coverage, will lead the growth of HSBC's wholesale business in the U.S. Her predecessor, Michael Roberts, has been promoted to CEO of the newly merged corporate and institutional banking division and will be relocating to London.
Recent key departures include Chief Sustainability Officer Celine Herweijer, whose resignation followed the previous restructuring phase under Mr. Elhedery, which removed her executive committee position.
Shore Capital analyst Gary Greenwood commented to Reuters that while significant organizational change at a firm the size of HSBC is expected, a reduction in the frequency of such changes would improve workforce stability. This stability, he added, should foster business growth and development, ultimately benefiting shareholders if implemented changes prove effective.
HSBC's share price has increased by 20% this year, exceeding the FTSE 100's nearly 8% rise, demonstrating robust earnings despite declining interest rates.