HSBC sacks US head

HSBC has replaced Bobby Mehta, its chief executive in North America, after it announced lending arrears from the US mortgage business would cost the bank more than $10.5 billion, 20% higher than analysts’ forecasts.

Mehta was with the bank since 1998 and had been chief executive in the US since March 2005. He has been replaced by Brendan McDonagh, who has been promoted from chief operating officer in the US.

Douglas Flint, the bank’s group finance director, has taken on the additional role of non-executive chairman of the US business.

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