Jan 28, 2019

HSBC promotes internal candidate to lead markets division

HSBC has appointed an internal candidate to lead its markets division as it seeks to bolster the unit following the sudden departure of the previous executive in charge. The bank said it had promoted Georges Elhedery as its next head of global markets, the division that houses the bank's equities, bonds and currency trading operations. The appointment of Mr Elhedery comes at a time of upheaval for HSBC's global banking and markets division, which accounted for 30 per cent of revenues in the first nine months of last year. The division has had to contend with the high-profile departure of Matthew Westerman, a former Goldman Sachs banker, who left his job as co-head of the investment bank in November after just 18 months in the role. "I would like to take this opportunity to thank Thierry for his support and for showing great leadership in global markets during the past few months," said Samir Assaf, HSBC's head of global banking and markets, who signed the memo.

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