HSBC announces management reshuffle ahead of new strategy

• The new co-heads replace Samir Assaf, who has run global banking and markets since 2011.
• HSBC said in October it would miss a profit target for 2020, and incur hefty restructuring charges.
• The bank said on Monday Pam Kaur will become chief risk officer, replacing Mark Moses, while Andy Maguire.

LONDON: HSBC has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender's troubled investment banking business, as part of a reshuffle under interim Chief Executive Noel Quinn.

Quinn, who replaced John Flint in August, is expected to announce the lender's new strategy at or before its annual results report on Feb. 18.

The new co-heads replace Samir Assaf, who has run global banking and markets since 2011, and who will stay with the business as chairman of corporate and institutional banking.

Guyett, who is currently head of banking, and Elhedery, who leads the markets business, will be tasked with turning around a part of the bank's global business that has underperformed in recent years, with revenues growing only 1pc in 2018, compared with 8pc and 12pc for the retail and commercial banking divisions respectively.

HSBC said in October it would miss a profit target for 2020, and incur hefty restructuring charges as it battles low global interest rates and a revenue-sapping Sino-US trade war.

The bank said on Monday Pam Kaur will become chief risk officer, replacing Mark Moses, while Andy Maguire, chief operating officer, will also leave, replaced by John Hinshaw who joins from Hewlett Packard.