HSBC Asia investment bank head takes sabbatical as part of latest management shake-up
- Gordon French began a sabbatical on April 15, is expected to explore ‘other opportunities’ at the bank
- The management shake-up comes as HSBC CEO Noel Quinn realigns the global banking and markets business
HSBC’s investment banking head in Asia-Pacific took a six-month sabbatical beginning this month as part of chief executive Noel Quinn’s efforts to reshape the 155-year-old bank.
Gordon French, the Asia-Pacific head of its global banking and markets business and one of its highest-paid bankers in the region, began a sabbatical on April 15 and is expected to explore “other opportunities” within the group when he returns, according to an internal memorandum seen by the South China Morning Post.
The move is part of a realignment of the investment bank that would see regional head roles split between its global banking operations and its markets and securities services business.
Thierry Roland, the regional head for the business in Europe, will head the bank’s newly created RWA Optimisation Unit, which will dispose of assets that do not meet the bank’s return expectations, according to the memo. Andre Brandao will serve as the regional head for the Americas until the end of the year, with a further announcement expected later.
“The changes will enable pace of execution on the business plan to reshape, simplify and grow the business,” Greg Guyett and Georges Elhedery, the co-CEOs of the global banking and markets business, said in the internal memo on April 10.
