HSBC Names Julian Wentzel as Group CSO Amid Geopolitical ESG Challenges for Financial Services: 6 Things to Know

HSBC, the global financial services giant, has named Julian Wentzel as group chief sustainability officer (CSO). The move arrives during a key time for HSBC and the overall financial services industry, which must navigate various ESG pushback in the U.S. from the Trump administration and some Republican leaders, and growing international pushback against European Union regulations such as CSRD (Corporate Sustainability Reporting Directive).

Here are six things to know about HSBC's business, and Wentzel's executive experience.

1. Business Scale and CEO Leadership: HSBC, founded in 1865, is based in London, England. The company, backed by roughly 221,000 employees worldwide, generated revenue of $66.1 billion in 2023.

In July 2024, HSBC named Georges Elhedery to succeed Noel Quinn as group CEO on September 2, 2024. By October 2024, HSBC announced a broad restructuring across different business lines and geographies as part of a plan to cut costs and streamline operations, Bloomberg reported.

2. Sustainability Strategy: HSBC is striving to achieve net zero in its operations and supply chain by 2030, and in its financing portfolio by 2050, the firm asserts. The statement, still available on HSBC's website s of February 2025, is particularly important amid the current geopolitical climate.

3. Financial Services Industry and Net Zero Question Marks: Multiple financial services firms -- including Citigroup, Bank of America, Goldman Sachs, JP Morgan, Morgan Stanley and Wells Fargo -- have dropped out of the Net Zero Banking Alliance since December 2024, The Guardian notes.

Also, some financial services firms -- particularly Hedge Funds -- have pushed back against European Union (EU) regulations like CSRD (Corporate Sustainability Reporting Directive).

4. CSO Transition: Wentzel succeeds Celine Herweijer, who exited HSBC in December 2024. The backdrop: Herweijer resigned from the global bank in November 2024 after HSBC removed the group CSO role from HSBC's executive committee. Fast forward to February 2025, and the group CSO role now reports to HSBC CFO Pam Kaur, Reuters reported.

5. Julian Wentzel's Executive Experience: New Group CSO Julian Wentzel has extensive financial services and management experience. He joined HSBC in 2015 and has lead various banking initiatives in Africa; UK and International Europe; and MENAT (Middle East, North Africa and Türkiye). Earlier, he held key posts at Macquarie Group, Cazenove and RJ Reynolds.

6. Executive Perspectives: In a statement posted on LinkedIn, Wentzel wrote on February 7, 2025: "I am delighted to be confirmed today as Group Chief Sustainability Officer for HSBC.

Supporting the transition to net zero is a priority for HSBC and for the customers we serve. In my previous roles, I’ve worked at the forefront of supporting our customers – some of whom face the most ambitious and challenging transitions – to finance and deliver against their sustainability ambitions and to identify innovative solutions to enable their progress.

I am looking forward to leveraging this experience at greater scale as we work with our customers to support them in continuing to advance their transition priorities, and to realise the benefits of a more resilient global economy for our businesses, our shareholders, and the markets we operate in.

Thank you to Georges Elhedery, Pam Kaur and the Group Operating Committee for their support and engagement so far, and to colleagues in Sustainability and across the bank for their determination and commitment to our ongoing success in this critical agenda. I look forward to continuing to work with you, our clients, and our partners as we move forward."

Chief Sustainability Officers: Why Technology Partners Should Care

By 2027, 25% of Global 2000 companies will have assigned a chief sustainability officer (CSO) responsible for meeting their organization’s ESG goals and making ESG-related IT purchasing decisions, according to IDC.

The bottom line: Technology partners need to extend their sales, marketing, engagement and support strategies to successfully fulfill those CSO customer needs, Sustainable Tech Partner believes.