HSBC Overhauls Trading Business in Bid to Become Debt Powerhouse

HSBC Holdings Plc 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.

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.