SBC Holdings Plc Chief Executive Officer Michael Geoghegan will step down at the end of the year and be replaced by investment-banking head Stuart Gulliver, Bloomberg reported.

Born in England and educated at Oxford University, Gulliver joined HSBC in 1980 and held senior roles in Hong Kong and Tokyo, running the investment bank in Asia before moving to London in early 2003. He became head of the global corporate, investment banking and markets division with John Studzinski, who left in 2006, leaving Gulliver in charge of HSBC’s global investment banking and trading business.