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.

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