November 20, 2019 / 10:45 AM / 25 days ago

HSBC to replace investment bank head Samir Assaf - source

FILE PHOTO: People walk past a HSBC signage in Singapore, October 8 2019. REUTERS/Feline Lim/File Photo

LONDON (Reuters) - HSBC (HSBA.L) will soon announce it is replacing investment banking head Samir Assaf as part of a broader set of forthcoming senior management changes, a source familiar with the matter said on Wednesday.

Assaf, 59, has run the lender’s global banking and markets division since 2011 and will stay with the business in a senior role but no longer manage it, the source said.

Employees have not yet been informed in an internal communication about the change, separate HSBC sources said.

The pending change at the top of one of HSBC’s more troubled business divisions comes ahead of a new strategy announcement expected at or before its full-year results announcement in February.

Interim Chief Executive Noel Quinn is currently reviewing the lender’s worldwide businesses as part of an audition for the full-time role under Chairman Mark Tucker.

Quinn, who took the reins after the shock ouster of John Flint in August, will likely look to make cuts in HSBC’s investment bank in order to improve returns, sources at the bank previously told Reuters.

The global banking and markets business saw revenues grow by only 1% in 2018, compared with 8% and 12% for the retail and commercial banking divisions respectively.

The Financial Times earlier on Wednesday reported HSBC’s shifting of Assaf out of his current role.

Assaf did not immediately respond to a request for comment.

Reporting by Lawrence White; Additional reporting by Saeed Azhar in Dubai; Editing by John O'Donnell and Mark Potter

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