HSBC is restructuring its trading division as part of chief executive officer Georges Elhedery’s push to make the lender a powerhouse in the debt financing business, writes Bloomberg.
The firm’s Group-of-10 rates trading unit will be combined with its foreign exchange, emerging markets rates and commodities desks to form a new global macro division, according to a memo to staff seen by Bloomberg News. Derivatives clearing services will be merged into the global equities team, the memo said.