HSBC Holdings has successfully recruited one of Britain’s top diplomats, David Quarrey, to fill a senior executive role. The move comes at a critical time as the bank navigates increasing global geopolitical challenges.
David Quarrey’s Distinguished Career
David Quarrey, the UK’s permanent representative to NATO since April 2022, is stepping down to join HSBC as its chief of public affairs. This career diplomat has held numerous significant roles, including private secretary to former Prime Minister Tony Blair from 2004 to 2006.
Quarrey’s experience extends to being head of the UK team in the UN Security Council from 2008 to 2011. He also served a four-year term as the British ambassador to Israel. His extensive diplomatic background underscores the importance of his new role at HSBC.
Approval from ACOBA Still Pending
The appointment of Quarrey to HSBC’s executive committee is still subject to approval from the Advisory Committee on Business Appointments (ACOBA). This committee governs the transition of former officials into private sector roles.
David Lammy, the new foreign secretary, has already been informed about Quarrey’s departure. The ACOBA’s guidance will determine how long Quarrey must wait before officially assuming his new role.
HSBC’s Strategic Recruitment
HSBC’s decision to hire Quarrey highlights its strategic focus on managing its substantial geopolitical footprint. The bank, listed in both London and Hong Kong, has significant interests in China and the US.
Given the current global tensions and the potential return of Donald Trump to the US presidency, HSBC’s move to strengthen its public affairs team is timely. Quarrey’s expertise in international relations is seen as vital to navigating these challenging times.
Replacing Sir Sherard Cowper-Coles
Quarrey will be taking over from Sir Sherard Cowper-Coles, who stepped down from the role last year. Sir Sherard, a former British ambassador to Saudi Arabia, had faced backlash over comments about the UK’s China policy.
Despite stepping down, Sir Sherard continues to act as an adviser to HSBC’s board. His departure opened up the vital public affairs role, which Quarrey is now set to fill.
Financial Package and Responsibilities
Industry insiders speculate that Quarrey’s financial package will be substantial, potentially reaching seven figures. This compensation reflects the high stakes involved in managing HSBC’s public affairs globally.
As the head of HSBC’s public affairs team, Quarrey will oversee a team spread across multiple countries. His broad experience in diplomacy is expected to be a significant asset for the bank.
The Road Ahead for HSBC and Quarrey
HSBC declined to comment on Quarrey’s appointment. Similarly, the Foreign Office has been contacted for comment but has not yet responded.
The identity of Quarrey’s successor as the UK’s permanent representative to NATO remains unclear. However, his move to HSBC is expected to have a significant impact on the bank’s future strategies.
David Quarrey’s move to HSBC is a strategic one, reflecting the bank’s need to bolster its public affairs capabilities amid global uncertainties. His vast experience in diplomacy is anticipated to bring invaluable insights to the bank as it navigates complex geopolitical landscapes.
The appointment still awaits ACOBA’s approval, but Quarrey’s background indicates he is well-suited for this critical role. HSBC’s decision underscores its proactive approach to managing its global presence and responding to emerging challenges.