Finance Magnates has learned that Frederic Boillereau has left HSBC. According to an internal memo seen by Finance Magnates, the former Global Head of FX and Commodities' departure came as a result of changes to a number of HSBC’s business lines.

These changes will see separate heads for the bank’s Global Markets Corporate Services and its Global FX and Commodities divisions. These two divisions were previously headed by Boillereau.

Boillereau’s departure from HSBC comes after more than 20 years with the bank, the bulk of which was spent in the firm's FX and Global Markets divisions. He was Global Head of FX and Commodities divisions for almost ten years, having been appointed as Global Head of FX and Metals in 2009.

Badhwar promoted

The memo given to Finance Magnates indicates that Rahul Badhwar, formerly Global Head of Corporate Treasury Solutions, has been chosen to head HSBC’s Global Markets Corporate Services division.

Badhwar has also been with HSBC for over 20 years. Working in various senior roles within the bank, he relocated to London in 2016, as Global Head of Corporate Treasury Solutions, having spent time working in Hong Kong and Dubai.

It is unclear as to who will take up the mantle as Global Head of FX and Commodities for HSBC. According to the memo seen by Finance Magnates, the firm will be announcing this information in the near future.

Finance Magnates contacted HSBC to confirm the veracity of the information in the memo. Jonny Blostone, a spokesman for the bank, confirmed that the memo’s contents were accurate and that Boillereau has indeed left the bank.