HSBC Holdings PLC is restructuring its trading division as part of CEO Noel Quinn's strategy to establish the bank as a powerhouse in debt financing.

According to an internal memo, HSBC will merge its G-10 rates trading team with its foreign exchange, emerging markets rates, and commodities trading teams to create a new global macro unit. The memo also stated that the derivatives clearing services team will be integrated into the global equities division.

All remaining global debt market operations—including high-yield and investment-grade trading, as well as emerging markets credit—will now be consolidated under a single global credit and financing structure. The team will work closely with HSBC’s investment bankers and underwriters.

HSBC said in a statement that the reorganization aims to "strengthen client connectivity, improve operational efficiency," and "support our financing and transaction banking ambitions."

For months, Quinn has been driving major reforms at the London-based bank, seeking ways to boost profitability across business lines. As part of this effort, he scaled back HSBC’s advisory and equity underwriting operations in the U.S., U.K., and Europe, directing executives to focus on regional debt capital markets—where HSBC’s scale allows it to compete with Wall Street giants.

The latest move is designed to leverage HSBC’s strong balance sheet to capture more business in trading and markets.

The memo noted that the new global macro team will be led by Volkan Benihasim, while Franck Lacour will continue to head the equities division.

HSBC plans a short internal selection process for the new leader of global credit and financing, which will be temporarily co-led by Antoine Maurel and Monish Tahilramani.

People familiar with the matter, who requested anonymity due to personnel changes, revealed that Mehmet Mazi, HSBC’s global head of debt markets, will depart as part of the restructuring. Mazi, a 30-year veteran at the bank, has overseen the debt business since 2020.

Patrick George, HSBC’s global head of markets and securities services, stated in the memo that the changes reinforce the bank’s "ambition to be a financing powerhouse," adding that they "mean we will take a more disciplined approach to technology investment, fully aligned with our ambition to lead in financing and transaction banking."