HSBC has a history of promoting from within: when group chief executive Michael Geoghegan left in 2010, he was replaced by Stuart Gulliver, who had headed global banking and markets. Samir Assaf, who led global markets, took on Gulliver’s old role. And now, the UK bank has set out who will step into the shoes of Assaf should the need arise: Robin Phillips.

A former co-head of global banking and head of global banking and markets for Asia-Pacific, Phillips was this month named as the head of the new client coverage business following a reshaping of HSBC's investment bank.