(21 January 2008 – UK) HSBC has changed the name of its investment banking division from Corporate, Investment Banking and Markets (CIBM) to Global Banking and Markets (GBM).HSBC head of GBM, Stuart Gulliver, said the new moniker marked the end of the bank’s strategic implementation, which had been well received by clients, staff and shareholders.
The move also marks a shift of name for the bank’s global investment business, which is part of GBM, to HSBC Global Asset Management.
HSBC kicked off its investment banking strategy towards the end of 2006 to focus on emerging markets rather than go head to head with US investment banks in the US and Europe.