HSBC ousts head of US fixed income desk Michael Yarian

HSBC, Europe's biggest bank, announced it has parted company with Michael Yarian, who is head of US fixed income trading desk, as the UK lender is accelerating its restructuring plan that includes cutting 35,000 jobs.

Yarian joined HSBC in 2016, prior to that, he was head of rates and local markets trading for Europe and the Americas at Barclays. 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 working at Barclays, he held several other senior positions 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 axe 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, as it becomes the next bank to succumb to the global slump in banking revenues.

Just as the dust settled, HSBC pressed on with its earlier restructuring plan and decided to cut up to 255 jobs in France, 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.