HSBC’s co-CEO of global banking and markets, Greg Guyett, headlines a trio of powerful executives being moved from London to Hong Kong. Their objective – to ensure HSBC’s takes a dominate position within the rapidly growing (and highly lucrative) wealth management and investment banking industries across Asia.
Making the move to Hong Kong alongside Guyett is HSBC’s Nuno Matos (Chief executive of wealth and personal banking) and Barry O’Byrne (chief executive of global commercial banking).
The executives are arguably the three most powerful individuals within the organisation. The business units they are responsible for account for a large majority of HSBC’s total annual revenue.
Over the past few years HSBC has made no secret about intensifying its focus on the Asia region and its intention to move the heart of the HSBC business to Asia.
“This decision reflects the importance of the Asia-Pacific region to the strategies of CMB, GBM and WPB. Being based in Hong Kong will enable Barry, Greg and Nuno to be closer to the execution of their plans and to customer needs in the region,” wrote HSBC chief executive Noel Quinn in memo sent to HSBC staff today.
More star bankers are expected to also make the move to Hong Kong from other global offices in the coming months.