Nov 20, 2019

HSBC set to replace investment banking chief

The long-serving head of HSBC's investment bank is set to be moved aside to make way for a successor ahead of a major restructuring of the unit he has helmed for almost a decade. Samir Assaf, head of global banking and markets, is expected to move to a non-executive role at the division as part of a series of changes to the group's management team, as interim chief executive Noel Quinn makes his mark on the bank, according to people briefed on the matter. The executive changes could be announced later this year or in early 2020, before Mr Quinn unveils a new strategic plan to revive the bank following years of disappointing returns. Mr Assaf's move comes at a tumultuous time for the bank, which in August ousted its chief executive after just 18 months in the job after he lost the confidence of the board of directors. Get alerts on HSBC Holdings PLC when a new story is published.

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