HSBC announced a raft of senior management departures and appointments, as CEO Georges Elhedery completed the first phase of a sweeping overhaul aimed at streamlining costs and improving decision making. Global Private Banking and Wealth head Annabel Spring was among the most senior newly-announced departures. She will be replaced by Gabriel Castello as interim CEO for global private banking, starting January 1. Former Morgan Stanley and Barclays investment banker Matthew Ginsburg will also leave the bank.

Michael Roberts, was elevated to CEO of the newly-merged corporate and institutional banking business and will relocate to London.