HSBC hired itself a new chief information office from Citi
As we noted earlier today, Stuart Riley, Citigroup's co-chief information officer, resigned preemptively before today's Citigroup cuts. Riley has another job to go to: he's off to become global chief information officer at HSBC.
Steve Van Wyk, HSBC's current global chief information officer, announced his retirement last week. Riley will be replacing him as HSBC's CIO when he leaves next April. The intervening months are presumably a handover period.
HSBC declined to comment, and Riley didn't respond when we asked him what he's up to.
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Riley spent 13 years at Citi, most of them working in technology in Institutional Clients Group (the investment bank). He was only appointed co-global CIO in September. It's thought that he left the bank rather than being let go, but Citi may well have decided it didn't need two CIOs anyway as it strips out layers of management.
Van Wyk was relatively short-lived at HSBC, having only joined in January 2021 after long stints at ING and Morgan Stanley. He's spent the past few months travelling around the bank's tech teams in India, Paris and Poland.
HSBC is on track to spend over $7bn on technology in 2023 and is investing in tech even as it squeezes costs. Van Wyk has been a key figure in the bank's 'Vision27' strategy under which it's transforming into 'digital first bank,' increasing cloud adoption and releasing products more frequently than before.
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