HSBC's Dormer retires; Pat Burke to head U.S. business

Adam Jeffery | CNBC

HSBC Holdings said Pat Burke will take over as head of its U.S. business in November after spending the last four years in charge of reducing its consumer loan book there.

Europe's biggest bank said Burke, 52, will take over from Irene Dorner as president and chief executive of HSBC U.S. Dorner, 59, is retiring after 32 years at the bank.

Burke has been with HSBC since 1989 and became CEO of HSBC Finance Corp. in 2010, assuming responsibility for winding down the legacy

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Household consumer finance business. HSBC has been reducing its U.S. loan book for several years after its disastrous U.S. foray in 2003 when it bought Household International for $15 billion and expanded aggressively in U.S. consumer lending before the financial crisis.

HSBC also named Rhydian Cox, 53, to the new role of head of regulatory remediation of the U.S. business.

Dorner was voted the most powerful woman in banking by American Banker magazine in 2012, slipping to No. 2 on their list last year.

—Reuters with CNBC.com


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