MOVES-HSBC hires BoE exec Salmon to oversee markets conduct

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Steve Slater

HSBC has hired senior Bank of England executive Chris Salmon as its global chief control officer for global markets in its investment bank.

Salmon will join HSBC in September and be responsible for the risk and control environment within global markets, with a particular focus on conduct and supervision, according to a memo to staff seen by IFR.

Salmon has worked for more than 25 years at the Bank of England. Since 2014, he has been executive director for markets, leading the management of the central bank’s policy operations in financial markets and the UK’s official foreign exchange reserves on behalf of HM Treasury.

That included increased scrutiny on financial market conduct, and Salmon was one of the architects of the global code of conduct for foreign exchange markets that was launched last year. His previous roles at the BoE include executive director and chief cashier for banking services, and private secretary to Mervyn King when he was governor.

HSBC said Salmon’s role will include ensuring consistent governance of risk across the global markets platform and monitoring and remediating control failures.

He will replace Kevin Sawle, who is retiring at the end of the year. Sawle has spent 41 years at HSBC, mostly in global markets where he has been chief control officer since 2015.

Salmon will sit on HSBC’s global markets executive committee and report to Thibaut de Roux, global head of markets, and Rupert Jolley, chief control officer for global banking and markets.

HSBC building in Canary Wharf