For Kavita Mahtani, the key to successfully navigating big changes at work is constant communication and transparency.
And, as chief financial officer of the Americas for HSBC, her 1,000-person team has seen plenty of changes over the last couple of years.
In 2021, HSBC sold its USA retail operations, divesting 90 out of 148 branches and announcing plans to wind down another 35 to 40 locations. The move, which meant an exit from both personal and small-business banking, was made so the bank could focus more on its wealth management services.
Then, last November, HSBC announced plans to sell its Canadian banking division to the Royal Bank of Canada for the equivalent of $10.1 billion. The Canada sale is slated to close in early 2024, pending regulatory approval. It will affect more than 130 bank branches and 780,000 customers, along with thousands of HSBC's Canadian employees, about 200 of whom report to Mahtani.
Amid all these changes, Mahtani stressed a need to "communicate clearly and openly with my finance team and share updates as frequently as I can." That has helped to keep her team engaged and motivated during the transition period, she said.
Mahtani has worked in the banking industry since 1996, with stints at Merrill Lynch, Morgan Stanley and Citi. During that time, she has taken on a variety of roles – from executive director of corporate strategy at Morgan Stanley to chief financial officer of Citi's corporate and investment bank. Mahtani uses these experiences to encourage employees to see the silver linings when it comes to big strategic shifts.
"Change in the financial services industry is constant and brings tremendous opportunities for individuals to challenge themselves," Mahtani stated. "These opportunities for personal and professional development have driven and motivated our colleagues to be better versions of themselves."
One area of improvement that Mahtani has spearheaded is increasing the number of women at the bank who hold senior leadership positions. Mahtani is co-executive sponsor of Balance, HSBC's employee-resource group that works on gender equitable recruitment and advancement. Under Mahtani's leadership, HSBC USA seeks to fill 35% of its senior leadership roles with women by 2025. Women presently make up 30% of the division's senior leadership team, according to an HSBC report.
Mahtani also seeks to highlight the importance of male allies in the workplace.
"There are many actions men can take to serve as champions for a gender-balanced workforce," Mahtani stated, even if they are small ones. For example, men can take notes at meetings or organize events, tasks Mahtani called "office housework" that are often assigned to women.
Outside of HSBC, Mahtani is a member of Chief, a networking group for female executives who advise one another about how to maintain and advance their own careers, and propel more women into executive roles. She is also on the board of directors and the audit committee of Plug Power, a Latham, New York-based company that uses hydrogen fuel to replace conventional batteries.
