David Fried to step down as HSBC global head of insurance

He will be replaced by current head of insurance in Latin America, Marcelo Teixeira.

According to a Reuters report, Fried has been chief executive of insurance since April 2010 and will retire on Oct. 1, the sources said. He has been with the bank for more than two decades and was previously head of HSBC Insurance for Asia Pacific.

HSBC, Europe's biggest bank with an increasing focus on Asia and other emerging markets, declined to comment, said the Reuters report.

View the full report here.