HSBC has confirmed that António Simões, its current head of global private banking (GPB) and a member of its group management committee, is to leave the bank later in 2019.

This follows HSBC’s decision to fold GPB into a new global business called “wealth and personal banking” which will combine all the bank’s retail, private and wealth management operations in one entity overseen by Charlie Nunn, the current chief executive of retail and wealth management.

Mr Simões, who only became GPB’s chief executive in 2019, will remain with HSBC for a transition period, however.