HSBC's chief advisor Germany to lead global M&A unit
FRANKFURT (Reuters) - HSBC (HSBA.L), Europe's biggest bank, has picked Florian Fautz to head the group's mergers and acquisitions unit, a spokesman for HSBC Germany said on Tuesday.
Fautz, current head of advisory Germany, will start as global head of M&A Execution later this year as part of a wider management shakeup at HSBC, the spokesman said, confirming Reuters information from three sources familiar with the matter.
Fautz will report to Spencer Lake, who is head of capital financing.
Fautz, aged 51, joined HSBC from Dresdner Kleinwort in 2007. Alain Renaud, previously head of M&A, is currently on sabbatical.
HSBC is reshuffling senior executives in Asia and Europe and will create a "product neutral" team, separate from sales, to improve its client relationships.
HSBC has hired several high-profile bankers in the past few months as rivals have stepped up job cuts at their investment banking businesses.
Among others, HSBC appointed former Citi (C.N) banker Daniel Bailey to lead its global telecom, media and technology (TMT) team, as well as Herman Deetman as head of utilities for Europe, Middle East and Africa (EMEA) from Deutsche Bank (DBKGn.DE).
(Reporting by Arno Schuetze; Additional reporting by Steven Slater; Editing by Anthony Barker)