HSBC has promoted Patrick George to the role of head of markets and securities services.

The news comes via an internal memo sent by head of global banking and markets Greg Guyett and seen by Reuters. The memo was later confirmed by a spokesperson for the bank.

George will oversee HSBC’s trading operations and assumes a role which had not formally been filled since October 2022 when previous head of markets and securities Georges Elhedery was upped to group chief financial officer.

Elhedery had earlier in 2022 taken a six-month sabbatical, during which George, Monish Tahilramani, head of MSS emerging markets and Suzy White, chief operating officer of MSS oversaw day-to-day trading.

The spokesperson also confirmed a wider reshuffle of HSBC’s global banking and markets leadership team with a view to streamlining decision making and help delegate more accountability to different teams.

The memo also confirms the appointment of Lisa McGeough and Gerry Keefe as co-heads of global banking coverage, with Guyett saying that the bank will hold internal meetings in the coming weeks to explain the changes.

Elsewhere at the bank, HSBC chief executive Noel Quinn has said that the company would not "smother" the UK arm of Silicon Valley Bank (SVB) after swooping in with a £1 rescue deal earlier this month.

Speaking to the Sunday Times, Quinn said: “What I want to do is let them continue to serve the market. I will make sure we don’t smother SVB UK. [SVB] won’t just be HSBC department X but will be a part of HSBC with an identity [of its own].”

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