Sources within HSBC have confirmed that the bank will announce this morning that Mike Powell, who runs the global markets team in Asia, is to leave Hong Kong in July and move to London. There he will become European head of global markets and Treasurer of HSBC Bank PLC. Essentially this mirrors the same role he has held in Hong Kong since Stuart Gulliver departed earlier this year to run global markets.

Taking over Powell's duties in Hong Kong will be Anita Fung and Paul Hand, who will become co-heads of global markets, Asia Pacific. Hand will retain his current role as head of sales and in particular his risk management and corporate derivative duties. Fung will become the Treasurer of Hongkong and Shanghai Bank Ltd. A further division of duties will see Fung concentrate on the North Asian markets, while Hand will focus more on Southeast and South Asia.

Furthermore, Mark Bucknall, who until a year ago ran global debt origination out of Hong Kong before becoming CEO of HSBC Securities in New York, is also set to move back to London. There he will assume a newly created role as global head of debt finance and advisory, which is the debt origination division within global markets.

Taking over from Bucknall in New York will be Joe Petri who adds the title of head of global markets, North America to his role as Treasurer of HSBC Americas. Tony Murphy, previously chief strategic officer of the corporate and investment bank, will become CEO of HSBC Securities.

Still to be announced are two key Hong Kong positions for the bank. Anita Fung's replacement as head of trading is unknown, as is another newly created role for an Asian head of the debt finance and advisory team. This may either be filled via an internal promotion, or outside hire.

The moves are part of a clear strategy to replicate in Europe the success HSBC has had in the Asian global markets arena. Sources within the bank say that over the last five years, Stuart Gulliver had built this business from virtually zero to $1 billion.

In 1994, when he took over in Asia he had 28 people in the division. There are now over 1000. He returned to London in February this year with a mandate to grow the European business as he had done in Asia.

Global markets, the division Gulliver runs, includes all the sales, trading and origination of FX, derivatives, fixed income, syndicated loans, structured products, precious metals and futures broking. It is a huge part of HSBC's corporate, investment banking and markets division, which accounts for over two thirds of HSBC's profits. It is key to HSBC's aspirations of being global investment banking powerhouse.

To add to this cohesive global structure, a new global markets management committee will be formed. It will be chaired by Gulliver and will comprise Powell, Fung, Hand, Petri and Bucknall.