LONDON, Nov 20 (Reuters) - HSBC will soon announce
it is replacing investment banking head Samir Assaf as part of a
broader set of forthcoming senior management changes, a source
familiar with the matter said on Wednesday.
Assaf, 59, has run the lender's global banking and markets
division since 2011 and will stay with the business in a senior
role but no longer manage it, the source said.
Employees have not yet been informed in an internal
communication about the change, separate HSBC sources said.
The pending change at the top of one of HSBC's more troubled
business divisions comes ahead of a new strategy announcement
expected at or before its full-year results announcement in
February.
Interim Chief Executive Noel Quinn is currently reviewing
the lender's worldwide businesses as part of an audition for the
full-time role under Chairman Mark Tucker.
Quinn, who took the reins after the shock ouster of John
Flint in August, will likely look to make cuts in HSBC's
investment bank in order to improve returns, sources at the bank
previously told Reuters.
The global banking and markets business saw revenues grow by
only 1% in 2018, compared with 8% and 12% for the retail and
commercial banking divisions respectively.
The Financial Times earlier on Wednesday reported HSBC's
shifting of Assaf out of his current role.
Assaf did not immediately respond to a request for comment.
(Reporting by Lawrence White; Additional reporting by Saeed
Azhar in Dubai; Editing by John O'Donnell and Mark Potter)