HSBC to replace investment bank head as part of management reshuffle as Noel Quinn moves to ‘remodel’ bank
- Interim CEO Noel Quinn is reshaping the bank as he hopes to take the top job permanently
- Quinn expects to accelerate cost cuts as part of his efforts to improve profits at the lender
HSBC plans to shift the long-time head of its investment bank into a new role, as interim chief executive Noel Quinn looks to restructure the business as part of his efforts to “remodel” the bank, according to a person familiar with the discussions.
Samir Assaf, the group managing director for global banking and markets, is be replaced and take a non-executive role in the unit as part of a management reshuffle, according to the person, who was not authorised to publicly discuss the matter. Assaf, who began his career in finance at the French oil and gas company Total, has been with HSBC since the bank acquired Credit Commercial de France in 2000 and has led the investment banking business since 2011.
The management reorganisation is expected to be announced ahead of Quinn revealing his new strategic plan, which is expected before the bank reports its annual results in February.
HSBC declined to comment on Wednesday.
The Financial Times reported the move earlier on Wednesday.