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HSBC Holdings Plc (HSBA) hired Michael Regan from Royal Bank of Scotland Group Plc (RBS) to head its U.S. credit trading group.
Regan is based in New York and reports to Christophe Rivoire, head of North America rates trading, and Niall Cameron, global head of credit trading, according to Juanita Gutierrez, a New York-based spokeswoman for Europe’s largest bank. He was hired as a managing director in credit trading by RBS in 2010, and has also worked for Deutsche Bank AG and Merrill Lynch in New York and London, the person said.
Adam Hoffman was also recruited from Morgan Stanley (MS) to run the bank’s North American loan-trading business, reporting to Regan and Catherine Yelverton, who runs that business globally.
HSBC has bolstered its credit-trading team in the past two months as other European banks retrench from trading and lending amid stricter capital regulations known as Basel III.
In July Dermot Murphy and Mahmoud Atalla were appointed managing directors in charge of the bank’s new credit situations group in London, reporting to Asif Godall, head of European credit trading. Murphy joined from UBS AG (UBSN) and focuses on trading in special situations, such as distressed debt, corporate restructurings and bank deleveraging, HSBC said. Sam Terry, who previously worked in distressed debt sourcing and sales for Yorvik Partners LLP, also joined their team.
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