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HSBC Ousts Head of US Fixed Income Desk Michael Yarian

HSBC Ousts Head of US Fixed Income Desk Michael Yarian

HSBC has parted ways with Michael Yarian, who leads its US fixed income trading desk, as the UK lender is accelerating its restructuring plan that includes axing 35,000 jobs.

Europe’s biggest bank has poached former Barclays banker in 2016, where he was head of rates and local markets trading for Europe and the Americas. Yarian also led Barclays’ agency derivatives services, overseeing its global listed derivatives execution and clearing business and global OTC clearing activities.

During his nearly 20-year stint at Barclays, he oversaw a multitude of other functions including the bank’s Japan markets desk and was co-head of USD rates trading.

Noel Quinn, HSBC’s chief executive, outlined plans in February to cut 35,000 jobs across the group and restructure part of its global markets business. The bank reportedly planned to cut up to 10,000 jobs in 2019, or nearly four percent of its full-time headcount as it becomes the next bank to succumb to the global slump in banking revenues.

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However, the British lender said in April it had put its job cuts plan, which aims to achieve $4.5 billion of cost cuts by 2022, on hold in order to limit the impact of the coronavirus crisis on its staff. At the time, HSBC explained it held fire on the cuts as it was concerned the leaving staff would suffer to find work elsewhere during the outbreak.

Just as the dust settled, HSBC pressed on with its earlier restructuring plan and decided to cut up to 255 jobs in France, or nearly 37 percent of full-time headcount in its French global banking and markets unit, by end-2021.

The redundancies anyways follow a turbulent period for HSBC. The investment bank, which gets most of its business in Asia, also suffered an exodus of high-profile executives after the meltdown hit the business in financial markets, which put further pressure on the CEO to rein in costs.


Maria Iacob Joins TTCM Traders Trust as Chief Growth Officer

Maria Iacob Joins TTCM Traders Trust as Chief Growth Officer

TTCM Traders Trust (TTCM) announced that it has onboarded Maria Iacob as its Chief Growth Officer and will be located in Cyprus, effective immediately.

Announced in a press release to Finance Magnates, Iacob, who specialised in new investments, existing portfolios, UK pensions and tax structuring, has joined the ranks of TTCM as the new Chief Growth Officer to continue its customer-driven momentum and drive long-term growth.

Iacob brings extensive experience in Business Growth to the fully regulated online trading services provider. This includes her background in personal banking, portfolio management, global investments, strategic planning and sustainable long-term growth. Her solid work experience spans all investment firms’ vital areas from customer experience to RTO and more.

Earlier to the appointment at TTCM, Iacob was recruited by Chase Buchanan Ltd, a financial advisory regulated by CySEC, as a Private Wealth Manager. She triumphed in this role for close to five years where she provided impartial wealth management and tax solutions to both private and corporate clients.

Maria Iacob, Chief Growth Officer, TTCM Traders Trust
Maria Iacob, Chief Growth Officer, TTCM Traders Trust.

At HSBC, she was employed as a CSO as well as a Personal Banker. Located in Northampton, she fulfilled the role which involved supporting clients with banking operations, assessing financial needs and other requirements.

From August 2009 until late 2015, FXCC / FXPro Financial Services employed the skills of Iacob as its Trading Support Manager and Executive. She recruited, trained and managed intraday trading support, sales and retention teams and other demands of the position.

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Before her experience as a Trading Support Manager, she was Kpax Marketing’s Customer Support Team Leader. From March 2008, she built knowledgeable and pro-active teams as well as optimized performance through open communication, interactive training sessions and constant monitoring of the team’s activities.

Iacob Will Focus on Long Term Growth

To accomplish TTCM’s goals, she will work closely with its business leaders and co-design its long term mission to set it as the bar for trusted investment services ensuring it is synchronised to customer needs. Furthermore, she is building strong business relationships with internal and external partners to create and deliver reliable trading solutions and retain a competitive advantage along with market leadership.

Commenting on her appointment Iacob stated: “The reasoning for joining Traders Trust is quite simple – we share the same passion for quality in everything we do.”

“Maria joins TTCM Traders Trust at an auspicious time for the company as we are expanding our global reach. Maria’s reputation precedes her, and we are excited to have her on board. Her substantial expertise guarantees her success in ushering the company in a new era of ongoing advancement,” Nicola Berardi, TTCM Traders Trust’s CEO, said.

Iacob added: “As demand for responsible trading solutions continues to increase worldwide, TTCM Traders Trust is well-positioned to meet its customers’ needs and that is where our efforts converge. I look forward to working with TTCM Traders Trust, continue its customer-driven momentum and strengthen its legacy as a benchmark of professionalism and reliability.“