Gregory Bunn, the head of securities financing for the Americas at HSBC, is stepping down from his position after a two-year tenure as the bank consolidates the unit into two others. This move was part of a restructuring announced earlier in the year, where HSBC disclosed plans to scale back certain equities operations, such as equity underwriting in Europe and the Americas.

HSBC, based in London, was among a handful of firms on Wall Street that reported the performance of its securities financing business separately. This segment, offering services like prime finance and repo products, will be integrated into the equities and fixed-income units following the restructuring. A representative for HSBC opted not to provide a statement on the matter.

In the previous year, the revenue from securities financing witnessed a considerable 36% increase compared to the preceding year, mainly attributed to securing new prime finance clients, as per HSBC's latest annual report. In December, the HSBC markets unit was merged into the corporate and institutional banking division.

As part of the reorganization, Loic Lebrun, the global head of prime finance, will now report to Franck Lacour, who oversees equities, while Jean-Michel Meyer, head of repo, will report to Mehmet Mazi, head of global debt markets. The restructuring efforts, initiated under the leadership of CEO Georges Elhedery, who assumed the role in September, aim to realize $1.8 billion in savings by the end of the following year.

Prior to his role at HSBC, Gregory Bunn, who did not provide a comment for this article, spent almost twenty years at Deutsche Bank, according to information on his LinkedIn profile.