Due to the department merger, HSBC's head of securities financing in the U.S. will resign
Gregory Bunn, the Head of Securities Financing for HSBC Americas, will leave after two years in the position, as the department is being merged into other divisions. HSBC announced a restructuring plan earlier, reducing some equity-related businesses. After the restructuring, the securities financing business will be managed under the equities and fixed income departments. Last year, HSBC's securities financing business revenue grew by 36% year-on-year. This restructuring is part of a large-scale business reform initiated by the new CEO Georges Elhedery
According to media reports, Gregory Bunn, the head of securities financing for HSBC's Americas region, will leave after two years in the position, as HSBC merges this department with two other departments. Before joining HSBC, Bunn worked at Deutsche Bank for nearly 20 years.
Earlier this year, HSBC announced a restructuring plan, notifying employees that it would gradually reduce certain equity-related businesses, including equity underwriting in Europe and the Americas.
As one of the few banks on Wall Street to separately disclose securities financing business performance, HSBC's securities financing services include prime brokerage and repurchase products. According to insiders, after the restructuring, these businesses will fall under the management of the equity and fixed income departments. An HSBC spokesperson declined to comment on this.
According to the latest annual report, HSBC's securities financing business revenue grew by 36% year-on-year last year, mainly due to the growth of new clients in prime brokerage. In December last year, HSBC had already merged its market business into its corporate and institutional banking operations.
After the restructuring is completed, global prime brokerage head Loic Lebrun will report to equity business head Franck Lacour; while repurchase business head Jean-Michel Meyer will report to global debt markets head Mehmet Mazi, insiders added.
Since the appointment of new CEO Georges Elhedery in September last year, HSBC has initiated a large-scale business reform, which is expected to incur related costs of $1.8 billion by the end of next year
