HSBC strikes China markets head to grow to be adviser to Asia Pacific co-CEOs

By Iain Withers

LONDON (Reuters) – HSBC has moved its head of markets in Larger China, Justin Chan, to grow to be an adviser to its co-CEOs in Asia Pacific, in line with an inside memo seen by Reuters on Friday.

HSBC veteran Chan will take up his new position firstly of subsequent month, the memo stated, which was signed by the financial institution’s Asia Pacific co-CEOs David Liao and Surendra Rosha in addition to its head of markets in Asia Pacific, Monish Tahilramani.

William Shek, HSBC’s head of FX, EM charges and commodities and debt markets buying and selling in Asia will step as much as tackle expanded tasks within the markets unit in Hong Kong, the memo added.

A spokesperson for the financial institution confirmed the contents of the memo.

The transfer comes amid a wider reshuffle of high roles at HSBC’s funding financial institution this week, together with the appointment of Patrick George as the general head of the markets and securities companies division.

George is taking up the overseeing of HSBC’s buying and selling operations after earlier head Georges Elhedery was promoted to the financial institution’s finance chief position in a shock transfer final yr.