Bull Bear Report Dec 10 2010

HSBC Shakes up Top Management

By julie steinberg

HSBC announced today that Samir Assaf, head of global markets, has been appointed chief of the global banking and markets business. He starts Jan. 1, 2011.

In the statement, HSBC said Assaf, a 23-year capital markets veteran, "played a key role" in the company's fixed income business in Europe. He takes over for Stuart Gulliver, HSBC's incoming chief executive who also starts Jan. 1.

Meanwhile, Assaf's chief rival for the job, Robin Phillips, was heading up HSBC's global banking unit. That unit is being merged with global capital financing and Phillips will share the top post with Kevin Adeson, who was the chief of global financing. Phillips had previously been the head of the aviation/airport team at UBS and head of transport and infrastructure at Citigroup.

The strategy for the investment banking unit will remain the same as it has been with a focus on emerging markets and corporate finance, a spokesman told Dow Jones.

In global markets, Jose-Luis Guerrero and Spencer Lake will be co-heads of the unit. Guerrero is currently head of the division, and Lake is head of debt capital markets.

These changes are part of ongoing shuffling at the bank under new CEO Gulliver.

Write to Julie Steinberg

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