HSBC Americas head for securities finance leaves amid bank restructuring
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A view of the logo of HSBC bank on a wall outside a branch in Mexico City, Mexico June 14, 2024. REUTERS/Henry Romero
By Stefania Spezzati
LONDON (Reuters) -HSBC's head of securities financing for the Americas, Gregory Bunn, is leaving after two years in the post as the lender merges the unit into two others, a person with knowledge of the matter told Reuters.
The restructuring was announced earlier this year when HSBC told staff that the bank would be winding down some equities businesses, including equity underwriting in Europe and the Americas.
The London-based bank was one of a few on Wall Street to separately report the performance of its securities financing business, whose services include prime finance and repo products. The business will be absorbed by equities and fixed-income units after the restructuring, the person added.
A spokesperson for HSBC declined to comment.
Last year, securities financing recorded a surge of 36% in revenue compared to 2023 as the bank gained new clients in prime finance, according to the latest HSBC annual report.
In December last year, the HSBC markets unit was combined into the corporate and institutional banking business.
As result of the restructuring, Loic Lebrun, global head of prime finance, will report into Franck Lacour, who leads equities, while head of repo Jean-Michel Meyer will report into Mehmet Mazi, head of global debt markets, the person added.
Under CEO Georges Elhedery, who took over last September, it has started a major overhaul and expects $1.8 billion in expenses by the end of next year.
Before joining HSBC Bunn, who declined to comment for this article, spent almost two decades with Deutsche Bank, according to his LinkedIn profile.
(Reporting by Stefania Spezzati; Editing by Jan Harvey)
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