HSBC announces new heads of investment banking division By Reuters

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LONDON (Reuters) – HSBC (L:) has named Georges Elhedery and Greg Guyett as co-heads of the global banking and markets division, which contains the lender’s investment banking business.

They replace Samir Assaf who will become chairman of corporate and institutional banking.

Guyett now heads banking while Elhedery runs the markets business. The two will be tasked with turning around a part of HSBC’s global business that has underperformed in recent years.

The moves are among several senior management changes as Europe’s biggest bank prepares to unveil a new strategy under interim Chief Executive Noel Quinn, who replaced John Flint in August.

The bank said on Monday Andy Maguire, chief operating officer and Mark Moses, chief risk officer would also leave.

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