Brown quits as HSBC's currency head

In a restructuring prompted by Brown's departure, Frederic Boillereau has taken on the newly created role of global head of foreign exchange and metals. Boillereau will be based in London and report to Samir Assaf, head of global markets, and on a local basis to John Flint, head of global markets for Europe, the Middle East and Africa.

In an internal memo, Assaf said the new position will enable the bank to "provide a seamless and integrated global product capability". He added that HSBC intends to establish itself as a "top three" player in global foreign exchange. Assaf added that e-commerce remains a priority and "we will continue to invest strongly in this area".

Boillereau joined HSBC's global markets division in 1998 and four years later took on responsibility for forex option trading. In 2006, he became global head of forex and precious metals derivatives and since May 2008 he has been heading the bank's metals business.

Brown announced his decision to resign internally at the start of the year, after nearly three years in his current role.