People News: Bank of America, HSBC

Bank of America’s Will Abbott, head of equities for Russia, has stepped down after three years at the bank, according to two people familiar with his departure.

Bloomberg News reports that Abbott, who joined the bank in 2013 from Renaissance Capital, is moving to a role outside investment banking, according to one person, who asked not to identified because the information is private.

In the meantime, Bloomberg also reports that Saudi Arabia named HSBC Middle East and North Africa Chief Executive Officer Mohammad Al Tuwaijri deputy minister of economy and planning as part of a government shakeup that also ushered in a new central banker and oil minister.

Al Tuwaijri, regional CEO of the London-based bank since October 2013, takes on the role immediately and reports to economy and planning minister Adel Fakeih. Robin Jones, previously deputy CEO in MENA, will become interim CEO and a permanent replacement will be announced "in due course," HSBC spokesman Paul Harris said by phone on Sunday.

Bank of America’s Russia Equity Head Abbott Said to Leave Firm

HSBC Middle East CEO Joins Saudi Government After Shakeup

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