We are renaming our business Global Banking and Markets, effective immediately. The name Corporate, Investment Banking and Markets will be demised. There will be a series of communications over the next few weeks outlining guidelines for implementing the name change across electronic and print documents, etc.
The name change to Global Banking and Markets does not signal a change in strategy -- we've already changed our strategy. We launched our emerging markets-led and financing-focused strategy in the fourth quarter of 2006 and completed implementation over the course of 2007. Renaming ourselves Global Banking and Markets marks the end of the implementation of the change to our strategy.
When we introduced our new strategy more than a year ago we promised to be clearer about who we are and what we do. We committed to do a better job of explaining our business to our shareholders, colleagues and clients. Our new name is straightforward and direct and aligns with how the business is organised. We have been preparing for this name change for some time. For example, we stopped using the CIBM name in our advertising in mid-2007.
Please do not shorten Global Banking and Markets to GBM. We need to stop bombarding clients with HSBC acronyms and abbreviations.
Separately, Group Investment Businesses is changing its name to HSBC Global Asset Management. Mark McCombe will send out a note explaining that change in more detail but it is in the same spirit as the change to Global Banking and Markets.
Some of you will remember that Global Markets was called Treasury and Capital Markets for many years. The change from TCM to Global Markets was a success. I'm sure the same will be true of the change from CIBM to Global Banking and Markets.
Global Banking and Markets