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HSBC is making a flurry of changes at the top of its US trading business 'and a senior exec is out

Published by Business Insider on Thu, 14 Feb 2019

HSBC is shaking up its trading business in the US.A top credit-trading exec is leaving the firm, and the bank has promoted a new head of institutional sales.More changes are expected in the coming weeks.HSBC is making a flurry of changes to the senior ranks of its US trading business, including the departure of a senior credit-trading executive and the promotion of a top sales head.Gianluca Passaretta is leaving as the co-head of credit trading in the Americas after nearly six years at the bank, according to people familiar with the matter.He previously shared the role with Thomas Curran, who is taking over as sole head in the Americas, the people said.An HSBC spokesman declined to comment. Passaretta did not respond to requests for comment.The bank has also promoted Cary Goodwin as its sole head of institutional sales in the Americas, according to an internal memo viewed by Business Insider.Goodwin, 44, in October was tapped as interim co-head of the unit, along with Jim Kibbe, following the departure of Mark Miller after a little over a year on the job.Kibbe, head of institutional sales for rates, emerging markets, and FX in the Americas, is staying on at the bank, according to people familiar with the matter.The memo from Patrick George, head of global markets in Europe and global head of Institutional Clients Group, and Greg Pierce, head of global markets in the Americas, reads in part:"We are pleased to announce that Cary Goodwin has been named Head of Institutional Sales, Americas, effective immediately."Cary joined HSBC in 2008, and has led Institutional Credit Sales for the last eight years, with prior sales experience at Merrill Lynch and Deutsche Bank."Please join us in wishing Cary well in his new role, and in thanking Jim Kibbe for his invaluable contribution as Interim Co-Head of Institutional Sales with Cary during this transition."Sent in late January, the memo also notes that "further announcements" are coming in HSBC's ICG division in the Americas. That could be referring to changes Goodwin is expected to make in the coming weeks as he takes the helm and reshuffles the business, the people said.HSBC is a powerhouse in fixed income, currencies, and commodities trading in the Asia Pacific region, but the firm's US FICC business has lagged behind competitors.The firm was second in FICC revenues in Asia in 2017 and first through the first half of 2018, according to data from industry consultant Coalition. It didn't crack the top-12 in the Americas.The firm tied for 9th with UBS in overall global investment banking revenues in the first half of 2018.HSBC will report fourth-quarter earnings later this month.Sign up herefor our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.Join the conversation about this storyNOW WATCH: A $265 billion investment chief says one of the most valuable economic indicators is signaling a recession in about 18 months
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