HSBC has appointed Julian Wentzel as its new Group Chief Sustainability Officer, the bank confirmed on Friday. Wentzel, who has been with HSBC since 2015, had been serving in the role on an interim basis following the departure of Celine Herweijer last November.
Unlike Herweijer, a sustainability expert, Wentzel comes from a traditional banking background and previously led HSBC’s global banking division for the Middle East, North Africa, and Turkey, advising clients on climate and sustainability policies. His appointment comes as HSBC undergoes significant management restructuring under Chief Executive Georges Elhedery, who has streamlined the bank’s operations and reduced its investment banking presence in Western markets.
Wentzel will report to HSBC’s Chief Financial Officer, Pam Kaur, rather than the bank’s executive committee. Critics argue that replacing a sustainability specialist with a career banker could signal a shift in HSBC’s climate priorities.
HSBC last year launched its first net-zero transition plan, pledging to help its highest-emitting clients decarbonise their operations as part of its 2050 net-zero target. However, global banks—including HSBC—have warned that without clearer government policies, meeting these ambitious climate goals remains a challenge.
The appointment comes as banks face increasing scrutiny over their climate commitments, particularly in light of Donald Trump’s return to the US presidency, which has seen several Wall Street firms withdraw from the Net-Zero Banking Alliance. HSBC is not alone in reshuffling its sustainability leadership—last month, Reuters reported that Barclays’ sustainability head, Laura Barlow, had left the bank.
Wentzel acknowledged his new role in a LinkedIn post on Friday, stating that his experience advising clients on climate and sustainability strategies would inform his approach as HSBC’s chief sustainability officer.
