Samir Assaf is expected to step down from his role leading HSBC’s global banking and markets division after eight years, paving the way for a successor who faces a challenge in turning performance at the division around.

Assaf is considered one of the City’s best-known and most-respected bankers, having joined HSBC in 2000. In a 2017 interview with Financial News he described himself as the “last man standing” in UK investment banking.