James Milligan, head of trading for HSBC Holdings Plc in the Middle East and North Africa, left his position last week and his role will be abolished, two people familiar with the matter said. Milligan, who oversaw the heads of foreign exchange, fixed income and equity based in Dubai, may take on a different role within the bank, said the people, asking not to be identified because the matter is private. Milligan was formerly head of fixed income trading for HSBC in Hong Kong and Dubai. Praveen Gupta, head of corporate sales in the MENA region, left HSBC and a replacement for him will be appointed soon, the people said. HSBC is shifting investment to Asia, the bank's best-performing region, while cutting unprofitable divisions. In June, Europe's largest bank unveiled a three-year plan to reduce businesses to lower headcount by some 50,000 and lower annual costs by as much as $5 billion. The Middle East and North Africa region was the third-most profitable region for HSBC after Europe and Asia in the first half, according to the bank's earning statement in August. HSBC is the top bank for bond sales in the MENA region this year, according to data compiled by Bloomberg. It's also the region's biggest arranger of loans. The bank is selling its unit in Turkey as part of a restructuring designed to cut costs. HSBC approached Turkish banks to gauge interest in its local unit after talks with ING Groep NV stalled, people with knowledge of the matter said this month.
