**HSBC Restructures Securities Financing Division, Gregory Bunn Departs**
HSBC’s head of securities financing for the Americas, Gregory Bunn, is set to leave the bank after two years in his role. This transition comes as HSBC integrates the securities financing unit into its equities and fixed-income divisions, according to sources familiar with the matter. The restructuring was initially announced earlier this year, coinciding with HSBC’s decision to scale back certain equities operations, including equity underwriting in both Europe and the Americas.
The London-based bank has been one of the few financial institutions on Wall Street to report the performance of its securities financing business separately, which encompasses services such as prime finance and repo products. Following the restructuring, these services will be absorbed by the equities and fixed-income units.
In the previous year, HSBC’s securities financing division experienced a remarkable 36% increase in revenue compared to 2023, attributed to the acquisition of new clients in prime finance, as highlighted in the latest annual report. Additionally, in December, HSBC’s markets unit was merged into the corporate and institutional banking sector.
As part of this restructuring, Loic Lebrun, the global head of prime finance, will now report to Franck Lacour, who oversees equities. Meanwhile, Jean-Michel Meyer, head of repo, will report to Mehmet Mazi, the head of global debt markets. This organizational shift is part of a broader overhaul initiated by CEO Georges Elhedery, who took the helm in September and anticipates $1.8 billion in expenses by the end of next year.
Before joining HSBC, Gregory Bunn spent nearly two decades at Deutsche Bank. His departure marks a significant change in leadership as the bank navigates its restructuring efforts.
**FAQ**
*What is the reason for Gregory Bunn’s departure from HSBC?*
Gregory Bunn is leaving HSBC as part of a restructuring process that involves merging the securities financing unit into the equities and fixed-income divisions, following a strategic decision to wind down certain equities businesses.
