HSBC shuffles top management

HSBC Holdings has appointed Samir Assaf as chief executive of its global banking and markets business with effect from 1 January 2011. He succeeds Stuart Gulliver who will become group chief executive on the same date.

Assaf, currently head of global markets, will report to Stuart and will become a group managing director, joining HSBC’s Group Management Board.

Following his appointment, Assaf has also named his leadership team for global banking and markets, also effective on 1 January 2011.

According to the HSBC, as part of the evolution of the business, global capital financing will be integrated into global banking and markets in order to enhance its ability to serve its client needs.

The expanded business will see Robin Phillips, who heads some of HSBC’s largest client relationships, become co-head of global banking which will now incorporate equity capital markets, leveraged & acquisition finance and project finance execution.

Phillips will also have responsibility for key global banking and markets strategic initiatives, including managing a family office partnership with global private banking; cooperating with commercial banking to broaden relationships with the commercial banking client base.

Phillips will also chair the global banking and markets Operating Committee in Assaf’s absence.

Kevin Adeson will join Robin as co-head of the enlarged global banking platform, bringing his financing and transactional experience to the business. He is currently head of global capital financing.

In global markets, Jose-Luis Guerrero and Spencer Lake will become co-heads of an expanded business which will now also incorporate primary responsibility for debt capital markets and asset and structured finance.

Guerrero is currently head of global markets for EMEA and was previously head of global markets for the Americas. Lake is currently head of debt capital markets.

Gulliver said he has worked with Samir for the last eight years and know his exceptional talent and experience mean that he leaves the business in hugely capable hands.