HSBC on Monday announced the promotion of its group chief compliance officer to an executive-level position.

Colin Bell was appointed CEO of HBEU (HSBC Europe and HSBC Bank) with immediate effect. Bell had served as group chief compliance officer since December 2018, according to his LinkedIn profile.

Bell’s promotion comes as part of a flurry of senior management changes at HSBC amid reports the bank, Europe’s largest, is considering a complete exit from retail banking in the United States. Nuno Matos, the former chief executive of HSBC Europe and HSBC Bank, was confirmed as CEO of Wealth and Personal Banking, while Michael Roberts (U.S. and Americas) and Stephen Moss (Middle East, North Africa and Turkey) each had their chief executive responsibilities expanded. Roberts and Moss will assume their respective roles pending regulatory approval in April.

Bell, Roberts, and Moss will each continue to report directly to HSBC CEO Noel Quinn and remain members of the group executive committee, the bank announced.

Bell began at HSBC in July 2016 as group head of financial crime risk, according to his LinkedIn. He previously served as global head of compliance and operational risk control at UBS and head of operational risk control for Barclays Wealth.

Kirsty Everett, compliance chief operating officer at HSBC Holdings, will serve as the bank’s interim compliance chief as it looks for a replacement for Bell, the Wall Street Journal reported. Ewen Stevenson will assume responsibility for HSBC’s transformation program, which had been led by Bell since early 2020.

Kyle Brasseur is Editor in Chief of Compliance Week. His background includes expertise in user personalization with ESPN.com.

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