HSBC Holdings plc reshuffled the management of its global banking and markets arms, after Greg Guyett was appointed as the sole head of the business last year, according to a memo seen by Bloomberg News.

Gerry Keefe and Lisa McGeough were promoted to lead HSBC’s global banking coverage following Guyett’s elevation, while Patrick George was appointed as the sole head of markets and securities services, replacing Georges Elhedery, whose promotion to become the bank’s chief financial officer (CFO) precipitated the changes.

A spokesman for HSBC confirmed the contents of the memo.

HSBC appointed McGeough as the head of global banking for Europe in 2021, hiring her from Wells Fargo, while Keefe is currently the head of global banking, Americas. Keefe joined HSBC from Citigroup in January 2021 having worked at the US bank for 14 years, most recently as the global head of sales, treasury and trade solutions.

The changes come after Guyett was appointed as the head of global banking and markets effective last year. Guyett had been running the division by himself on an interim basis, after Elhedery took a six-month sabbatical in early 2022 before returning to the bank and taking on the CFO role.

Guyett said Matthew Ginsburg and Adam Bagshaw would remain co-heads of capital financing and investment banking coverage. David May will continue to lead global research, according to the memo. Ginsburg, based in Hong Kong, joined HSBC in 2021, and was the chair of Fitch Ratings for Asia-Pacific, while Bagshaw came to the bank two years ago having previously worked at Deutsche Bank AG.

In Elhedery’s absence, day-to-day running of the markets division was devolved to George, the head of markets and securities services for Europe and North America, and two colleagues. 

As well as George’s promotion, Monish Tahilramani, the global head of emerging markets, Japan and Australia, markets and securities services (MSS), was named as the head of MSS for Asia-Pacific. Further changes to the markets unit’s leadership will be announced in due course, according to the memo.

  - Bloomberg