HONG KONG/LONDON, July 2 (Reuters) - HSBC Holdings is reshuffling senior executives in Asia and Europeand will create a "product neutral" team, separate from sales,to improve its client relationships.
Robin Phillips, co-head of global banking and markets (GBM)and head of GBM in Asia, will return to London and run the new"client coverage" team and deputise for Samir Assaf, chiefexecutive of GBM, the bank said in an internal document.
Assaf said in the memo to staff, seen by Reuters andconfirmed by HSBC, that GBM will be reshaped but there will beno job cuts or change to its portfolio of products.
Phillips will be replaced in Asia by Gordon French, peoplefamiliar with the matter told Reuters.
Europe's biggest bank said the new structure will consist ofsix areas within GBM: client coverage; markets; capitalfinancing; securities services; payments and cash management;and balance sheet management. The first three units replace GBM.
Capital financing will be led by Spencer Lake and houseprimary products. Markets will be responsible for the sales andtrading businesses, secondary market operations and research,and will be run by Jose-Luis Guerrero.
The changes will be effective on Aug. 12, the memo said.
HSBC restructured its investment bank in 2007 to focus moreon emerging markets and it has fared better than most rivalsduring the financial crisis.
GBM's revenues of $18.2 billion last year were up 10 percenton the year and made up 29 percent of group income. It made aprofit of $8.5 billion, or 41 percent of group profit. (Reporting by Lawrence White in Hong Kong and Steve Slater inLondon; Editing by Louise Ireland)
HSBC Holdings (HSBA)