LONDON, Jan 7 (Reuters) - HSBC (HSBA.L) (0005.HK), Europe’s largest bank, said on Monday it has named Samir Assaf as head of its Global Markets division, replacing Mike Powell, who will leave the group to pursue personal interests.
Assaf, a former head of treasury at France’s Total, was appointed deputy head of Global Markets in 2007 and will be replaced in that role by Group Treasurer John Flint.
“Mike had planned to leave HSBC in spring 2007 but agreed at my request to stay on until March 2008,” HSBC’s Corporate, Investment Banking and Markets CEO, Stuart Gulliver, said in a statement.
Along with other leading banks, HSBC has been hit by mortgage-related writedowns in recent months, but most of that was due to its own subprime lending. The bank has little exposure to the U.S. mortgage-backed collateralised debt obligations (CDO) that have caused hefty writedowns and subsequent job losses elsewhere. (Reporting by Clara Ferreira-Marques; Editing by Paul Bolding)