LONDON, May 21 (IFR) - HSBC has carved out its public sector
banking franchise out of FIG as it seeks to capitalise on future
potential growth of the sector.
HSBC overhauled its global banking and markets (GBM)
business in the summer of last year, creating a new division to
span all client coverage in a bid to re-energise its investment
banking presence. Public sector, which is run by Allegra Berman,
was part of that effort, but within the FIG business.
Berman, who joined the bank as global head of public sector
banking last summer and was reporting to Brian Heyworth, global
head of FIG, will now report to Robin Phillips, global head of
"This decision emphasises the critical strategic importance
of this client base to GBM and the growth potential we have
identified," Phillips said in an internal memo.
(Reporting by Helene Durand, Editing by Julian Baker)