HSBC Holdings, one of the world’s largest banking and financial services organizations, has announced the appointment of David Quarrey CMG as its new public affairs chief. This move comes as the bank prepares for an increase in global geopolitical challenges.
Mr. Quarrey, who has served as the UK’s permanent representative to NATO since April 2022, will join HSBC’s executive committee, according to sources familiar with the matter. He brings with him a wealth of experience as a top diplomat, having previously held positions such as private secretary to former Prime Minister Tony Blair and British ambassador to Israel.
This appointment has been notified to the new foreign secretary, David Lammy, and is pending approval from the Advisory Committee on Business Appointments (ACOBA). ACOBA provides guidance on the appropriate period of time for former officials to wait before taking on private sector roles or engaging in government lobbying.
Mr. Quarrey’s distinguished career in public service has earned him recognition, including being awarded a Companion of the Order of St Michael and St George (CMG) for his contributions to British foreign policy in the Middle East and North Africa.
HSBC’s decision to recruit a high-ranking diplomat underscores the importance placed on navigating its unique geopolitical landscape. As a bank with significant operations in Europe, Hong Kong, and the US, HSBC is undoubtedly impacted by rising global tensions and the potential for a second Trump presidency.
Last month, HSBC announced the appointment of Georges Elhedery as its new chief executive, replacing Noel Quinn. Mr. Quarrey will take over the role of public affairs chief from Sir Sherard Cowper-Coles, a former British ambassador to Saudi Arabia. Sir Sherard stepped down from the position last year after apologizing for comments made at a private event regarding the UK’s China policy.
As head of HSBC’s public affairs function, Mr. Quarrey will lead a team of professionals around the world. His compensation package is expected to be substantial, potentially reaching seven figures, according to industry insiders.
It is currently unclear who will replace Mr. Quarrey as the UK’s permanent representative to NATO. Both HSBC and the Foreign Office declined to comment on the matter.
