HSBC has announced a number of changes to its global banking and asset management businesses. In the most significant move, current group treasurer John Flint will succeed Mark McCombe as chief executive of global asset management.
Flint joined HSBC in 1989 and spent 14 years in Asia helping to develop the bank’s global markets business in the region. He was appointed group treasurer in 2006, and added the roles of deputy head of global markets and head of global markets for Europe, the Middle East and Africa in 2008.
Flint will be based in London in his new role, and will report to the managing director of HSBC’s insurance group, Clive Bannister. McCombe, who was head of global asset management for two years, will become chief executive of HSBC in Hong Kong and will report to Stuart Gulliver, executive director.
Thierry Roland, who has been at the bank for over 20 years, will take over from Flint as group treasurer, and will be based in London. Roland will continue in his role as global head of balance sheet management, a position he assumed in February 2008, and will report to Samir Assaf, head of global markets.
Based in London, Jose-Luis Guerrero will replace Flint as head of global markets, EMEA and will report to Assaf. Guerrero is currently head of global markets for the Americas. He joined the bank in 2004 from Deutsche Bank as head of emerging markets. Prior to his time at Deutsche, he also had lengthy stints at JP Morgan and Citibank.
Guerrero’s promotion takes effect from January 1, 2010.
Andre Brandao and Didier Descamps succeed Guerrero as co-heads of global markets, Americas. They will report jointly to Assaf and Tony Murphy, head of global banking and markets for the Americas.
In addition to his new role, Brandao will continue to have responsibility for global banking in South America, reporting to Gerardo Mato, co-head of global banking, Americas. Brandao joined HSBC in 1999 after 12 years with Citibank.
Descamps is currently head of global markets, France. He became head of market risk for France in 1998, before being appointed chief operating officer for the front office of global markets in 2003. He was appointed treasurer and deputy head of global markets in 2006, before taking on his current role in 2007.
Brandao will continue to be based in Brazil, and Descamps will relocate to New York. Their promotions take effect from January 1, 2010.
Xavier Boisseau will replace Descamps as head of global markets, France. Boisseau is currently head of global markets sales, France and head of structured rates institutional sales, EMEA.
Boisseau joined HSBC’s French subsidiary CCF in 1987, and held a number of senior sales roles in global markets in London and Paris before taking up his present post in 2005. He will report to Guerrero in his new role as head of global markets, EMEA and locally to Jean Beunardeau, head of global banking and markets, France.
Dan Silber will become deputy head of global markets for the Americas, reporting to Brandao and Descamps. He will also continue in his current role as head of foreign exchange and metals, Americas, reporting to Frederic Boillereau, global head of foreign exchange and metals. Silber joined HSBC in 2003 after a 10-year stint at Goldman Sachs.
Silber’s promotion to this newly created position will also take effect on January 1, 2010. He will be based in New York.