HSBC Asset Management’s Global Head of Sustainability, Erin Leonard, is leaving the firm marking the latest high-profile departure as the organisation undergoes a significant internal overhaul under its new chief executive, Georges Elhedery.
Leonard’s exit follows that of former Chief Sustainability Officer Celine Herweijer, who stepped down at the end of 2023. The departures come as HSBC reassesses its ESG strategy amid mounting political and market scrutiny, particularly from the United States, where the bank maintains a modest presence focused on international corporates.
Leonard led the Sustainability Office at HSBC Asset Management, which was established in 2021 to oversee the firm’s sustainable investment strategy and related initiatives, including diversity, equity and inclusion programmes. The responsibilities of the Sustainability Office have now been redistributed across various units within the asset management division. According to a spokesperson, sustainability initiatives have been consolidated under the Responsible Investment team led by Cathrine de Coninck-Lopez.
Leonard was also a member of the asset manager’s management committee, though HSBC has not clarified whether she will retain this role. The bank declined to provide further comment.
Since taking the helm six months ago, Elhedery has initiated a broad restructuring at HSBC, eliminating layers of senior management and consolidating overlapping business divisions. The bank is targeting $1.5 billion in annual cost savings by the end of 2026, roughly 8% of total staff expenditure.
Earlier this year, HSBC drew criticism from climate campaigners after quietly abandoning its interim target to achieve net-zero emissions across its own operations by 2030, citing a lack of sufficient progress in the wider economy. However, the bank has reaffirmed its broader ambition to become a net-zero institution by 2050 and has initiated a review of its financed emissions targets and related policies.
Despite internal shifts, HSBC Asset Management continues to position itself as a sustainable investment player. As of 2024, the firm manages $179 billion in ESG and sustainable strategies and remains a member of the Net Zero Asset Managers initiative, a UN-supported coalition of asset managers committed to aligning investments with net-zero goals.
The bank has also made new appointments to reinforce its sustainable finance capabilities, including former UK politician Danny Alexander, who now leads a dedicated unit for infrastructure and low-carbon project finance.
