Nicolas Moreau’s arrival as chief executive of HSBC Global Asset Management (GAM) comes just days after Europe’s biggest bank removed its group chief executive, John Flint.
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Nicolas Moreau, |
It is further evidence that chairman Mark Tucker wants outsiders to bring more radical change to HSBC: in this case the former head of Deutsche Bank’s asset manager DWS.
Despite previously running HSBC’s asset management division, Flint failed to tackle its problems decisively, even as group CEO.
The division is an irritation for HSBC, as it is at many other banks.
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