Who is Pam Kaur? The Panjab University alumnus appointed HSBC's 1st female CFO in 160-year history

Pam Kaur has made history by becoming HSBC's first female Chief Financial Officer (CFO), a significant milestone in the bank's 160-year journey. With extensive experience in risk management and auditing, she offers a unique perspective in this important role. In this article, we delve into who Pam Kaur is, her career path, her education, and some insights into her personal life.

Pam Kaur: A Trailblazer in Finance

Pam Kaur is not just a talented financial leader; she is a highly skilled professional with a diverse background in risk and audit. With over a decade of service at HSBC, she has faced many challenges, particularly as the bank adapts to evolving economic conditions and complex global relationships. Working alongside CEO Georges Elhedery, Pam Kaur has played a vital role in guiding HSBC through a new interest rate cycle and the complicated dynamics between China and the West.

Pam Kaur's Career Journey

Credit: HSBC

Pam Kaur began her career at Ernst & Young, where she trained as a chartered accountant. Her professional journey started in internal audit at Citibank. In April 2013, she joined HSBC as the Group Head of Internal Audit and quickly moved up the ranks, becoming the Group Chief Risk Officer in January 2020. Her role expanded further when she took on Compliance in June 2021.

Before joining HSBC, Pam held significant positions at other well-known institutions. She was the Global Head of Group Audit at Deutsche Bank and served as the CFO and COO of the Restructuring and Risk Division at the Royal Bank of Scotland Group PLC. In addition, she worked as the Group Head of Compliance and Anti-Money Laundering at Lloyds TSB and was the Chief Compliance Officer at Citigroup International.

Education and Qualifications

Pam Kaur's educational background is impressive. She holds an MBA in Finance and a Bachelor of Commerce with Honours from Panjab University in Chandigarh. Furthermore, she is a Fellow Member of The Institute of Chartered Accountants in England and Wales, showcasing her commitment to excellence in the finance sector.

Pam Kaur's Personal Life

Kaur’s LinkedIn profile mentions that she is a “passionate supporter of diversity and inclusion” and is proud to be the executive sponsor of HSBC’s Global Ethnicity Inclusion programme. She also notes that she was born in India, graduated with an MBA in finance from Punjab University, and currently lives in London with her husband.

Sir Mark Tucker, chairman of HSBC Group, stated that Kaur is “highly respected and well known to the board and was the unanimous choice.”

There were many strong candidates, both from inside and outside the bank, but Elhedery said that Kaur stood out as “the exceptional candidate.”

Pam Kaur's salary as HSBC CFO

As HSBC's CFO, Pam Kaur has an impressive salary package. She earns a base salary of $1.04 million (approximately Rs 8.7 crore) and a fixed pay allowance of $1.4 million (around Rs 11.7 crore), along with a pension allowance of $104,269.55 (approximately Rs 87 lakh). In addition to this, she is eligible for significant discretionary variable pay, which includes an annual incentive award of up to 215% of her base salary and a long-term incentive award of up to 320%.

Pam Kaur joined HSBC at a critical time when the bank faced scrutiny for anti-money laundering and sanctions violations, which resulted in a deferred prosecution agreement with the US Justice Department. Since her appointment, she has been key in reshaping the bank's risk management strategies, particularly when she took on the role of Head of Wholesale Market and Credit Risk in April 2019.

HSBC has secured the 12th position on the 2024 Fortune 500 Europe list, which was announced this morning. The London-based bank serves 42 million customers across 62 countries, with Hong Kong and Britain being its largest markets by a significant margin. The bank is now focusing on growth in Asia, especially in mainland China, Singapore, India, and the UAE, as well as targeting internationally mobile customers, who already make up one-sixth of its total clientele.

Pam Kaur's journey is a testament to her exceptional skills and determination. As the first female CFO of HSBC, she not only breaks barriers in a traditionally male-dominated industry but also sets a new standard for future leaders. Her career highlights her capability and commitment to enhancing risk management practices, making her a pivotal figure in HSBC's ongoing evolution.