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HSBC is reorganising its global banking and markets (GBM) division in what senior management have told staff is a move designed to deliver the firm's resources better to its clients.
At the heart of the new structure is a unit called Client Coverage, which will manage all client relationships but with no specific product focus.
Headcount is not changing, but a number of senior staff are taking on new positions, including Robin Phillips, who is returning to London to head the new Client Coverage unit. He will also deputise when needed for Samir Assaf, the CEO of GBM.
Phillips' move looks like a step-up, although he was already co-head of global banking in addition to his Asia title.
The other co-head, Kevin Adeson, is being moved to be a vice-chairman of GBM, focusing on senior relationships and what Assaf called in a memo to staff "important growth initiatives".
Insiders indicated that Adeson's position will be a substantial one -- he is the only vice-chairman of GBM and his client focus...