HSBC says Burke to take over as head of U.S. business

LONDON Mon Jun 16, 2014 9:26am EDT

A sign is seen above the entrance to an HSBC bank branch in midtown Manhattan in New York City, December 11, 2012. HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash. REUTERS/Mike Segar  (UNITED STATES - Tags: BUSINESS CRIME LAW LOGO) - RTR3BG8F

A sign is seen above the entrance to an HSBC bank branch in midtown Manhattan in New York City, December 11, 2012. HSBC has agreed to pay a record $1.92 billion fine to settle a multi-year probe by U.S. prosecutors, who accused Europe's biggest bank of failing to enforce rules designed to prevent the laundering of criminal cash.

Credit: Reuters/Mike Segar (UNITED STATES - Tags: BUSINESS CRIME LAW LOGO) - RTR3BG8F

LONDON (Reuters) - HSBC Holdings (HSBA.L) 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 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.

(Reporting by Steve Slater; Editing by Chris Vellacott)

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