HSBC News Update: HSBC Likely to be Taken Over By Investment Bank
HSBC news update: It is looking increasingly likely that HSBC will ultimately be taken over by their investment bank; it will be a slow process however.
HSBC have, in the past week, released the details of a few changes to the management structure in some of their regions and divisions. At first it appeared that these changes would result in a simple reshuffling and reorganisation of the existing system but additional information suggests that the slow but steady process of being taken over by their investment bank has hit HSBC.
New Roles for HSBC Employees
Starting from October, an ex-pilot in the Saudi Arabian Air Force, Mohammad Al Tuwaijri will have the Middle East and North Africa regions under his command. HSBC consider this one of their most important regions and with his history as Regional Head of its Investment Bank, he was an easy choice.
His promotion has arisen due to the relocation of Simon Cooper – his old boss – to London to take on the role of head of global commercial banking. This move is the latest in Cooper’s successful career in corporate finance with one of his roles including being responsible for Corporate and Investment Banking in Singapore.
Cooper’s addition to the executive team, he will see him joining the Head of Retail Banking and Wealth Management John Flint, who HSBC’s Deputy Head of Global Markets. Other members of the team include Samir Assaf (head of global banking and markets) as well as his predecessor Stuart Gulliver. The latter is no the group chief executive.
This reorganisation dictates that three of the four columns of HSBC (global banking and markets, commercial banking, retail banking and wealth management and global private banking) will now see a leader who has a history of investment banking. Indicative, no? The only one not have this experience is global private banking and that section generated just 5% of HSBC’s pre-tax profits in 2012.
The more functional roles have also been hit by this epidemic of investment banking experience with the group chief risk officer Marc Moses and the head of human resources Ann Almeida also having a history of performing the same job but for global banking and markets.
For more information on HSBC’s reorganisation or just generally on their movements within the business world, check out the news stories on Customer Services Contact. Particularly if you are an HSBC customer it is important to know what their status is and whether they are about to be taken over. You can also speak with a member of their customer services team for all of this information. Click Here for all contact information.
2,870 total views, 1 views today