HSBC (US) is undergoing a comprehensive restructuring of its trading business with the aim of establishing itself as a leader in the debt financing industry.

HSBC.US is restructuring its trading department, as part of CEO Georges Elhedery's push to make the bank a industry giant in the debt financing business. According to a memo sent to employees, the G10 currency rates trading department will be merged with the foreign exchange, emerging markets rates, and commodities department to form a new global macro department. The memo also stated that derivative clearing services will be integrated into the global equities team. All remaining business in global debt markets, from high-yield bond and investment-grade bond trading to emerging market credit business, will operate under the overall framework of "Global Credit and Financing". This team will work closely with HSBC's investment bankers and underwriters. In a statement, HSBC Bank said that these changes aim to "strengthen customer relationships, increase operational efficiency" and "support our financing and trading banking business objectives". For months, Elhedery has been pushing for large-scale reforms at this London-based bank, seeking ways to improve the revenue of each business department. To do this, he closed most of the bank's advisory and equity underwriting business in the US, UK, and mainland Europe, and asked his top lieutenants to focus on debt capital market business in regions with strength to compete with Wall Street giants. With this latest move, HSBC Bank is trying to leverage its vast balance sheet to win more business in trading and markets. According to the memo, the new global macro team will be led by Volkan Benihasim, while Franck Lacour will continue to oversee the equities business department. HSBC Bank plans to conduct a brief internal selection process for the new head of Global Credit and Financing business. Currently, the department is led by Antoine Maurel and Monish Tahilramani, responsible for financial markets and securities services in Europe and the Americas, and in Asia and the Middle East regions respectively. As part of this reorganization, HSBC Bank's global head of debt markets, Mehmet Mazi, will explore other development opportunities. Mazi, a senior employee at HSBC Bank, has been in charge of debt business since 2020 with 30 years of experience. Patrick George, head of Global Markets and Securities Services at HSBC Bank, said in a memo to employees: "These measures further demonstrate our ambition to build a 'financing giant'. This means we will move forward more carefully with technology investments, ensuring that these investments align fully with our goal of leading in the financing and trading banking business."