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HSBC has named a JPMorgan Chase executive the head of its retail banking and wealth management divisions in the U.S., as the British company overhauls its global business.
June 23 -
HSBC executives have suggested for months that big changes were coming to its U.S. unit, but the overhaul was less drastic than some had called for. The parent company's CEO defended the decision as necessary to preserve key funding sources and client relationships.
June 9 -
A disappointing 2014 for HSBC has CEO Stuart Gulliver considering "extreme" changes at its U.S. bank and other struggling units, which he said are a drag on return on equity.
February 23
HSBC is promoting Gregory Pierce to head of markets for North and South America. He starts Sept. 1 and will be based in New York.
In his new role, Pierce will oversee the trading of rates, credit, foreign exchange and equities for the Americas unit of HSBC's global markets business. The bank's overall global banking and markets operation reported a profit of $5.9 billion before tax last year; breakout figures for Pierce's new unit are not made public.
Pierce will succeed Didier Descamps, who will relocate to London and become head of global banking and markets strategic plan execution.
Currently, Pierce is head of balance sheet management for the Americas, a role he has held for four years. He has been with HSBC since 1996, first as managing director and head of investment portfolio management at HSBC Bank USA before moving into balance sheet management in the global banking and markets division.
Previously he worked at NatWest for more 11 years, beginning in portfolio management and moving into balance sheet management in his final year there.