Stuart Gulliver has been appointed sole head of HSBC's Corporate, Investment Banking and Markets business following the decision of John Studzinski to join private equity firm The Blackstone Group. Gulliver will also assume responsibililty for HSBC's Group Investment Business.

The bank said in a statement: "As head of CIBM, Stuart takes over the global banking responsibilities of John Studzinski who is leaving HSBC later this year to become a senior managing director and partner with the Blackstone Group."