HSBC appointed a new boss for its global wealth arm. Will the move bring an end to the Game of Thrones at the British bank's key Swiss bank subsidiary?
London-based HSBC named António Simões to take over its wealth arm next year, the bank said in a statement on Monday. Simões replaces Peter Boyles, a 43-year veteran of HSBC who is retiring.
Simões joined HSBC before the financial crisis in 2007 as head of strategy. He is currently head of Europe as well as of HSBC Bank Plc, the U.K. entity. Previously, Simões worked for consulting firm McKinsey as well as U.S. investment banking powerhouse Goldman Sachs. A graduate of Harvard and father of two, he is based in London.
Unified Structure
The appointment reads to HSBC's Swiss bank, a 1,300-strong unit which plays a key role in the bank's wider wealth management strategy. In April, Swiss head Franco Morra left his job after six years at the helm, amid a rejig in the wealth management organization.
HSBC now groups the Swiss bank together with five other private bank units in Europe, the Middle East, and Africa – namely the U.K., France, Germany, Luxembourg, and the Channel Islands. European boss Chris Allen, and not Morra, clinched the job of running the new set-up.
Stand-In Swiss CEO
Finance head Christophe Guillemot took over temporarily for Morra. Last month, two more high-ranking HSBC Swiss bankers found themselves out of a job and a role, respectively, as finews.com reported exclusively.
A definitive replacement for Morra hadn't yet been named at the time; Guillemot continues to stand in as Swiss boss beside his role as finance chief for the wider private bank. In the latter role, he will in future report to Simões.
