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July 26, 2021

HSBC gains chief investment officer for Europe and MENA

By Patrick Brusnahan

HSBC has appointed Georgios Leontaris as chief investment officer (CIO), Europe International and MENA, HSBC Private Banking and Wealth Management.

Based in Geneva, Leontaris will report to Willem Sels, global CIO, HSBC Private Banking and Wealth Solutions, Europe International and MENA.

Leontaris will help develop the house view, asset allocation, thematic ideas and thought leadership pieces. Furthermore, he will work closely with client-facing teams and be in frequent contact with private banking and wealth clients across Europe and MENA.

He is currently the head of fixed income advisory in the Swiss private bank, where he developed insight into rate, credit, emerging markets and currency dynamics. He has been at HSBC for 14 years, holding roles across fixed income and investment advisory.

Sels said: “We are delighted to appoint Georgios to the CIO team in one of our most important markets. His extensive experience in fixed income and client advisory will allow us to continue to turn our expertise into attractive investment opportunities for our clients, including in key growth regions such as Asia.”

HSBC is reportedly preparing to revamp its senior management structure as part of a streamlining drive to shed ‘hierarchical culture’.

The British lender is set to alter the ‘leadership bands’ of hundreds of its managers in the coming months, Bloomberg News reported, citing an internal memo from HSBC human resources chief Elaine Arden.

According to the memo, the bank identified its current management system complicated compared with its peers and inconsistency in how seniority of the roles are determined.

Starting this September, HSBC will combine its top four bands into three.

HSBC said in an emailed statement to the news agency: “Following a thorough review, we are creating a simpler leadership framework ensuring clarity on scope and accountability to help accelerate our transformation and drive growth.

“There will be no change to contractual employee benefits as a result of this change.”

Under its current management structure, HSBC ranks its employees under ‘global career band’ (GCB).

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