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.