HSBC promotes 1300 staff as investment bank overhaul gathers pace: memo

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.

Samir Assaf, chief executive of global banking and markets, distributed a memo last Monday pointing out the significant rise in the number of women promoted this year. Last year saw an exodus of high-profile dealmakers in Europe, with sources saying there was frustration at a lack of a clear strategy.

HSBC tumbled further in investment banking league tables in some key market segments in 2018, with its fourth quarter performance in equities particularly weak.

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