A worldwide management shake-up at HSBC Holdings PLC includes changes at the top of its North American organization, but neither the banking com- pany nor analysts see any alteration of strategic direction.

"Our reading is that this represents continuity," said David Townshend, an analyst with Goldman Sachs in London. That means "a further expansion in Asia outside Hong Kong and in Latin America and a continued drive into new products such as asset management and insurance."

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