Stuart Gulliver, head of global markets at HSBC, has recruited several of his former colleagues in Hong Kong to join the team in the first shake-up of the bank's markets division since he took up the post a month ago.

Michael Powell, who took over as head of treasury and capital markets for the Asia-Pacific region when Gulliver relocated from Hong Kong to London at the start of March, will become head of global markets for Europe. He will also assume the post of treasurer of HSBC Bank and will be based in London.