Research Snappy
  • Market Research Forum
  • Investment Research
  • Consumer Research
  • More
    • Advertising Research
    • Healthcare Research
    • Data Analysis
    • Top Companies
    • Latest News
No Result
View All Result
Research Snappy
No Result
View All Result

HSBC Set to Replace Investment Bank Chief Assaf in Overhaul

researchsnappy by researchsnappy
November 20, 2019
in Investment Research
0
400
SHARES
2.4k
VIEWS
Share on FacebookShare on Twitter

(Bloomberg) — Want the lowdown on European markets? In your inbox before the open, every day. Sign up here.

HSBC Holdings Plc is set to replace its investment banking chief as part of an overhaul by interim Chief Executive Officer Noel Quinn, according to people familiar with matter.

Samir Assaf, head of global banking and markets, will be moved to a non-executive role at the bank, said one of the people, who asked not to be named discussing an internal matter. The decision will be announced later this year or early next, according to the person.

Assaf started leading GBM in 2011 and has been at the bank and its predecessors for a quarter of a century. He steps back as Quinn seeks to put his mark on the firm and gain the top job permanently, having replaced John Flint on an interim basis after his ouster in August.

The company, which makes almost 90% of its profit in Asia and employs 240,000 people, last month walked away from a key profitability target and said write-offs are likely for some of its European business and technology spending.

A spokeswoman at HSBC in Hong Kong declined to comment. The news was earlier reported by the Financial Times.

The latest restructuring, HSBC’s third such overhaul in a decade, is likely to result in cuts to the investment bank, particularly its operations outside of HSBC’s core Asian markets. Businesses in continental Europe and North America are the main targets of the reductions.

In a report this week, analysts at Jefferies Securities said they thought HSBC could eliminate 25% of GBM’s cost base. “We believe management will seek to take a meaningful portion of costs out of the GBM via reducing its product and geographic scope,” said Jefferies.

Mark Tucker, chairman of HSBC, recently told a staff meeting that the bank needed to improve its return on capital. Tucker told managers that 30% of the lender’s capital was generating returns of less than 1%.

(Adds detail on restructuring from sixth paragraph)

–With assistance from Harry Wilson and Stefania Spezzati.

To contact the reporters on this story: Alfred Liu in Hong Kong at [email protected];Kiuyan Wong in Hong Kong at [email protected]

To contact the editors responsible for this story: Candice Zachariahs at [email protected], Marion Dakers, Dale Crofts

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

Previous Post

Yogurt in Room Temperature Market Analysis, Market Share, Application Analysis, Regional Outlook, Competitive Strategies & Forecast by 2024

Next Post

Notz Stucki launches European equity fund with Kepler Cheuvreux

Next Post
Notz Stucki launches European equity fund with Kepler Cheuvreux

Notz Stucki launches European equity fund with Kepler Cheuvreux

Research Snappy

Category

  • Advertising Research
  • Consumer Research
  • Data Analysis
  • Healthcare Research
  • Investment Research
  • News
  • Top Company News

Top 10 Market Research Companies in the world

3 Best Market Research Certifications in High Demand

The Latest Market Research Trends Shaping 2024

  • Privacy Policy
  • Terms of Use
  • Antispam
  • DMCA
  • Contact Us

© 2024 researchsnappy.com

No Result
View All Result
  • Market Research Forum
  • Investment Research
  • Consumer Research
  • More
    • Advertising Research
    • Healthcare Research
    • Data Analysis
    • Top Companies
    • Latest News

© 2024 researchsnappy.com