FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a - 16 or 15d - 16 of
the Securities Exchange Act of 1934
For the month of May, 2006
HSBC Holdings plc
42nd Floor, 8 Canada
Square, London E14 5HQ, England
(Indicate by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F).
Form 20-F X Form 40-F ......
(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934).
Yes....... No X
(If "Yes" is marked, indicate below the file number assigned to the registrant
in connection with Rule 12g3-2(b): 82- ..............)
SENIOR MANAGEMENT CHANGES
AT CORPORATE, INVESTMENT BANKING AND MARKETS
HSBC today announced that Stuart Gulliver is to assume sole responsibility for
the Group's Corporate, Investment Banking and Markets (CIBM) businesses with
immediate effect. Stuart will also assume responsibility for HSBC's Group
Investment Businesses.
HSBC has made significant progress developing its CIBM businesses in the last
three years under the joint leadership of Stuart Gulliver and John Studzinski.
With the investment phase nearly complete, CIBM's pre-tax profits of US$5.2
billion in 2005 represented a quarter of the Group's profits worldwide. The
business has clear momentum and has reached a level of development that makes it
appropriate to fully integrate these businesses under the sole leadership of
Stuart Gulliver.
As Head of CIBM, Stuart takes over the global banking responsibilities of John
Studzinski, who is leaving HSBC later this year to become a senior managing
director and partner with the Blackstone Group, the global investment and
advisory firm. Alain Dromer, CEO of HSBC's Group Investment Businesses, will
also report directly to Stuart.
Stuart Gulliver said: "We have achieved significant momentum in M&A and equity
capital markets over the last three years. These areas are essential
competencies for a Group of our size with significant relationships with
financial institutions and corporates around the globe. The linkages with our
Global Markets business, including equities, and with our financing platform are
proven, and M&A and ECM will remain a priority for me.
"With our Group Investment Businesses, HSBC has already put in place a clear and
ambitious strategy for growing this area with all customers worldwide. Early
results are very encouraging. I fully support Alain and his team in driving this
fast-growing business forward."
John Studzinski will focus on client work until he leaves HSBC on 30 September
2006. After that date, he will continue his professional relationship with HSBC
in the form of an advisor to HSBC's senior management.
Joining the Blackstone Group in the autumn, John will be on the firm's executive
committee and will have a global business role, dividing his time principally
between London and New York.
John Studzinski said: "This is a big and exciting change I have thought about a
lot. The opportunity to work in the very different environment of a smaller,
private partnership, which at the same time offers all the challenges of a
hugely successful global business, was something I found irresistibly
attractive.
"The decision to leave HSBC has been made easier by knowing that the investment
bank is really beginning to show what it is capable of, with a strong core
operation currently involved in four of the biggest M&A transactions in Europe.
All the reasons that encouraged me to join HSBC in the first place - its brand,
network and emerging markets franchise - are even stronger today, so the
investment bank can look to the future with confidence."
Explaining the new structure, Stephen Green, Group Chief Executive of HSBC,
said: "We embarked on our five year strategic plan for CIBM in 2003, and the
business is clearly gaining momentum. The success of our strategy was
demonstrated in 2005 earnings growth across several key product areas.
"We have established a leading position in foreign exchange, transaction
banking, project and export finance and in funds administration. The investment
banking business is gaining traction and has secured advisory roles in several
landmark transactions this year, building on the progress achieved in 2005.
"The major investment phase of building our investment banking business is
almost complete. John's contribution over the last three years has been immense
and we will continue to enjoy the benefit of his advice at a senior level. As we
move the business forward, it is appropriate to fully integrate the management
and in Stuart we have a world class professional to lead it.
"Building our corporate, investment banking and markets business remains an
absolutely core component of our global growth strategy."
Notes to editors:
1. CIBM
HSBC Corporate, Investment Banking and Markets provides tailored financial
products and services to major government, corporate and institutional clients.
Within client-focused business lines, Global Banking, Global Markets and Global
Transaction Banking, CIBM offers a full range of capabilities, including foreign
exchange, fixed income, equity sales and trading, equity and debt capital
markets, derivatives, risk advisory, investment banking, payments and cash
management, trade services and securities services. For more information on
CIBM, please visit www.cibm.hsbc.com.
2. HSBC Holdings plc
HSBC Holdings plc serves over 125 million customers worldwide through some 9,500
offices in 76 countries and territories in Europe, the Asia-Pacific region, the
Americas, the Middle East and Africa. With assets of US$1,502 billion at 31
December 2005, HSBC is one of the world's largest banking and financial services
organisations. HSBC is marketed worldwide as 'the world's local bank'.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
HSBC Holdings plc
By:
Name: P A Stafford
Title: Assistant Group Secretary
Date: 18th May, 2006