A top sales executive is out in HSBC's US trading division after only a year
- A top executive is out in HSBC's US trading division in the US after only a year.
- Mark Miller, formerly the head of institutional sales in the Americas, has left the firm, according to people familiar with the matter.
- While HSBC is strong in FICC trading in Asia, in the US it's a business line the company has struggled to gain market share in.
A top executive is out in HSBC's trading division in the US, a business line the company has struggled to gain market share in.
Mark Miller, formerly the head of institutional sales in the Americas, has left the firm, according to people familiar with the matter. He joined the firm a little over a year ago from Kroll Bond Rating Agency.
HSBC has named Cary Goodwin, head of credit sales in the US, and James Kibbe, a managing director in the institutional clients group, as interim co-heads of institutional sales in the US.
HSBC and Miller each declined to comment.
While HSBC is a powerhouse in fixed income, currencies, and commodities trading in the Asia Pacific region, the firm's US FICC business lags behind.
The firm was second in FICC revenues in Asia in 2017 and first through the first half of 2018, according to data from industry consultant Coalition. It didn't crack the top-12 in the Americas.
The firm tied for 9th with UBS in overall global investment banking revenues the first half of 2018.