LONDON: HSBC is stepping up a root-and-branch overhaul of its global banking and markets division, naming 83 new managing directors in a 1,300-strong promotions spree aimed at revitalizing its investment banking franchise.
Around a third of the 83 new managing directors are female, the memo seen by Reuters showed, a 13 percentage point rise from the previous year, according to a source at the bank with knowledge of the matter.The wave of promotions comes just weeks after the bank axed dozens of sales and advisory jobs in London following an extended period of turmoil in its investment banking operations.
The bank has also poached senior hires from rivals, including former JPMorgan banker Greg Guyett as head of global banking and former Goldman Sachs banker Peter Enns as the global head of its financial institutions group.HSBC tumbled further in investment banking league tables in some key market segments in 2018, with its fourth quarter performance in equities particularly weak.
Source: News Formal (newsformal.com)
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