HSBC has named a new head of investment banking for continental Europe as veteran dealmaker Hubert Preschez has stepped down from the UK lender.

Jean-Manuel Richier will take over as co-head of global banking and head of investment banking for continental Europe, according to an internal memo seen by Financial News. He currently leads HSBC’s business in Switzerland and will take his new position alongside Frédéric Coutant, overseeing its investment bank in France, Benelux and other key European locations at a time when HSBC is refocusing its investment bank on its main markets of Asia, UK and the Middle East.