HSBC Reassures Staff Over Investment Chief's Exit

HSBC has moved to reassure employees of its investment bank that its plans to build up the business have not changed, despite the looming departure of John Studzinski, co-head of the investment banking division and one of the architects of the expansion.

Blackstone, the New York-based private equity group, confirmed that it had hired Studzinski as head of its corporate advisory business, which in recent years has been overshadowed by the growth of its private equity and real estate investment businesses. Studzinski will also join Blackstone's executive commitee, according to the Financial Times.

Stuart Gulliver, currently co-head of HSBC's corporate, investment banking and markets division alongside Studzinski, will take sole charge of the division, and will also assume responsibility for the bank's asset management business.