Edward Moncreiffe, global chief executive for insurance ‌business at HSBC, is set to step down from his position after two decades at the bank according to Reuters.

The newswire cited two people familiar with the matter who said Moncreiffe is leaving HSBC to pursue other opportunities. The sources spoke to Reuters anonymously as Moncreiffe’s departure has not yet been formally announced.

Moncreiffe will leave the role in September, the sources added, with two individuals expected to split his responsibilities going forward.

FStech has approached HSBC for a statement on the matter.

Prior to taking on his current role in 2024, Moncreiffe held a series of high-level positions at HSBC including chief executive for HSBC Life Hong Kong and Macau, head of distribution, director for life and pensions, and global head for retail insurance.

His exit marks the third major departure for HSBC in the past 12 months, following that of president and chief executive for HSBC US Lisa McGeough who left for Deutsche Bank in September 2025 and Gerry Keefe, co-head of global banking coverage, who left in May 2026.

HSBC’s insurance business accounts for a significant chunk of the bank’s revenue. In its H1 2026 report, HSBC noted the business had driven a 45 per cent growth in future unearned profits from newly created underwriting policies compared with 1H25, worth $1 billion.

The Financial Times separately reported that $1.1 billion of the bank’s $19.5 billion in pre-tax profits over the first half of this year are tied directly to the segment.

The rising insurance revenue and leadership changes come amid a period of major overhaul for HSBC under the eye of its relatively fresh chief executive Georges Elhedery. Since becoming chief executive in 2024, Elhedery has aimed to streamline HSBC’s operations, and pledged in February to make it a “simple, more agile, focused bank built for a fast-changing world”.

In July, the bank sold HSBC Life Singapore to Allianz for $2.7 billion Singaporean dollars (€1.8 billion) and announced plans to sell its $25 billion Australian home loan portfolio to Blackstone and shutter all its branches in the region.

---