In the first sign of a shake-up under the new Gulliver-Studzinski CIBM regime, HSBC's research department has gained two new heads in Asia.

Chief economist, Geoffrey Barker has been elevated to a newly created role as overall head of Asian research for the Corporate, Investment Banking and Markets division (CIBM) of the bank. This role will see the heads of equity, fixed income and credit research all report into him.

Meanwhile, former head of Japan research, Garry Evans has also been promoted to head pan-Asian equity research out of Hong Kong. The Japanese-speaker and former Editor of Euromoney Magazine will oversee the upgrading of HSBC's equity research throughout the region. The Japanese team had been one of HSBC's more highly regarded in the region, and Evans is a highly ranked strategist.

The promotions are the first step in a rethink of HSBC's strategy in Asian equity research, and more changes are expected to follow a thorough global strategy review which it is reckoned will be completed by the year end.