HSBC has become the latest universal bank to merge its markets and securities services businesses. After a period of due diligence, HSS will be combined with global markets to form a new unit, Markets and Securities Services. Allegra Berman and Richard Godfrey, co-heads of HSS, will report to Georges Elhedery, co-head of global banking and markets, whilst adding to their responsibilities. Berman will become head of institutional sales for the new business, and Godfrey will lead a new product area, Securities Financing, jointly with Hossein Zaimi, global head of equities. This unit will be comprised of equity prime financing, rates and credit repo activities, and collateral treasury. Derivatives clearing services will move under HSS. Najib Lamhaouar, global head of OTC clearing and exchange-traded derivatives, will report to Berman and Godfrey. Issuer services, which is currently part of HSS, will become part of capital markets to align with other issuer client activities.
