Gregory Ban us to quit securities in New York
HSBC Securities Financing is to be absorbed into equity, fixed income
A HSBC spokesperson refused to comment
London, 8 April (Reuters) – The head of HSBC Securities Financing for the US, Gregory Bun, is leaving in the post after two years as the lender merges the unit into two others, with the knowledge of the case, a person told Reuters.
The reorganization was announced earlier this year when HSBC told employees that the bank would shut down some equity businesses, including equity underwriting in Europe and America.
One of the few on London -based Bank Wall Street was a separate report of its securities financing business performance, whose services include prime finance and repo products. The business will be absorbed by equity and certain-or-units after restructuring, the person said.
A HSBC spokesperson refused to comment.
Last year, securities financing recorded a 36% increase in revenue as compared to 2023, as the bank received new customers in Prime Finance, according to the latest HSBC annual report.
In December last year, the HSBC Markets Unit was added to the corporate and institutional banking business.
As a result of the reorganization, the global head of Prime Finance, Loek Lebon, Frank will report in Lacor, who lead the equity, while Repo Jean-Michel will report to Mehmat Majhi, the head of the mayor’s leading global debt markets, said the person said.
Under the CEO Georges Elehedery, who took over last September, it has started a major overhaul and expected $ 1.8 billion at spending by the end of next year.
Before joining HSBC Bunn, who refused to comment for this article, according to his LinkedIn Profile, spent almost two decades with Dutash Bank. (Reporting by Stephania Spazati; editing by Jan Harvey)