Michael Yarian, HSBC’s most senior fixed-income trader in the Americas, has left the bank, according to sources familiar with the matter – the latest in a series of senior departures since the Anglo-Asian lender started scything back its trading division earlier this year.
Yarian joined HSBC in early 2016 after a nearly 20-year stint at Barclays, according to his LinkedIn profile, and most recently was head of global debt markets for the Americas and global head of flow rates trading.
Following Yarian's departure Joe Leary will run G10 government and sovereign trading in the US, while Tom Curran will assume regional leadership of credit trading and structured and index activities in the Americas, as part of global debt markets, according to the sources.
Yarian follows out the door former global head of fixed income Elie El Hayek and former global head of equities Hossein Zaimi, who both left the bank earlier this year. Simon Hotchin, another senior banker who was most recently global co-head of the client solutions group, left in August, according to his LinkedIn profile.
HSBC said in February it would shed US$100bn of risk-weighted assets by the end of 2022, with a large portion of those cuts expected to land on the rates division within fixed income. IFR reported earlier this month that HSBC is looking to sell multi-billion pound interest-rate derivatives portfolios as part of that scaling back.