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MOVES-HSBC names ex-UBS banker as chief operating officer of investment bank

LONDON, May 31 (Reuters) - HSBC has named former UBS banker Andre Cronje as chief operating officer for its global banking and markets division, according to an internal memo seen by Reuters on Tuesday.

Cronje joins from UBS Investment Bank, the memo said, where he held the same title and managed the bank’s dealings with regulators and cost reduction initiatives globally.

HSBC, Europe’s biggest bank, is in the midst of a cost-cutting drive to boost profitability and returns to shareholders that could see it cut one in five jobs and shrink its investment bank by a third.

A spokesman for HSBC in London confirmed the contents of the memo.

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