By Paul Clarke

Of Financial News


HSBC has unveiled a raft of senior changes to its key units as the U.K. lender continues to overhaul its business under new chief executive Georges Elhedery.

The U.K. lender has installed Adam Bagshaw as global head of investment banking in a series of senior job shifts as Michael Roberts has unveiled his top team for HSBC's new corporate and institutional banking business.

Bagshaw was previously co-head of global banking alongside Matthew Ginsburg, who is set to retire from HSBC next year.

Lisa McGeough, who was co-head of global banking coverage at HSBC and a regular on Financial News's 100 Most Influential Women list, has been promoted to head up its U.S. business. This will include its corporate and investment bank in the region.

Gerry Keefe, who was McGeough's co-head, is now head of banking for Europe and the Americas, while Jo Miyake will lead the division in Asia and the Middle East.

The pair will also co-head a division called multinational and international subsidiary banking business and credit and lending.

Elhedery, who took the helm of HSBC in September, has moved quickly to shake up the bank. He combined HSBC's commercial and investment banking units--a move mooted by many of his predecessors--and has separated its eastern business from western markets.

The changes unveiled by the bank in October looked to simplify its business along four key business lines--Hong Kong, the U.K., corporate and institutional banking, and a new international wealth and premier banking unit.

"While we are introducing these changes at pace, the process has been measured, thoughtful and fair," Elhedery said in a statement.

Other senior shifts within its investment bank include promoting former Liberal Democrat politician Danny Alexander, who joined HSBC earlier this year, to chief executive of its infrastructure finance and sustainability unit. Andy Beane has been named chief commercial officer for its corporate and institutional banking division.

In other units, Annabel Spring, its chief executive of global private banking, is set to leave the bank on Dec. 31 as part of a broader shake-up of its wealth-management division. Gabriel Castello has been named as her interim replacement.

Lavanya Chari has been named head of wealth and premier solutions, while HSBC is also looking to hire for a new chief commercial officer within its wealth unit.

At a regional level, Kai Zhang takes over as head of international wealth and premier banking for Asia, while Dinesh Sharma will lead the Middle East. HSBC is looking to hire for a new role to cover both the Americas and Europe.

During its third quarter results, Elhedery said any job cuts at the U.K. lender would focus on "senior roles" in the coming months. Bloomberg reported in November that managers within HSBC's commercial and investment banking team were being asked to interview for their jobs.

The bank hasn't laid out how many jobs would be cut through the reorganization.

Financial News is owned by News Corp, the parent company of The Wall Street Journal and Dow Jones Newswires.


Write to Paul Clarke at paul.clarke@dowjones.com


Website: www.fnlondon.com


(END) Dow Jones Newswires

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