HSBC has opted to promote two internal candidates to become co-heads of its global banking and markets division, succeeding one of the City’s best-known bankers, Samir Assaf.

Georges Elhedery and Greg Guyett, who as heads of global markets and global banking respectively were already leading the two divisions that make up Assaf’s remit, will now move up to co-head the division, the bank said in a December 9 statement.