HSBC Restructures Amid Leadership Change in Securities Financing

Gregory Bunn is leaving his position as HSBC's head of securities financing for the Americas amid major restructuring. The bank, under CEO Georges Elhedery, is merging the securities financing unit into equities and fixed-income units. This move follows a significant revenue surge in the previous year.

HSBC is undergoing a significant restructuring of its securities financing unit, leading to the departure of Gregory Bunn, the division's head for the Americas. This change comes as part of a broader strategic overhaul under CEO Georges Elhedery, who has initiated a series of changes since taking over in September.

The restructuring involves merging the securities financing business into HSBC's equities and fixed-income units. The move is intended to streamline operations following a 36% revenue surge recorded last year, spurred by a growing client base in prime finance. HSBC had been one of the few Wall Street banks to report its securities financing performance separately.

Key management shifts will see Loic Lebrun, global head of prime finance, reporting to equities head Franck Lacour, and repo head Jean-Michel Meyer reporting to Mehmet Mazi, head of global debt markets. These changes are part of HSBC's ongoing efforts to control expenses, targeting $1.8 billion by the end of next year.

(With inputs from agencies.)