HSBC’s Head of U.S. Markets Pierce to Exit as Cuts Get Underway

The head of HSBC Holdings Plc’s U.S. markets business is leaving as the lender’s program of far-reaching job cuts begins.

Greg Pierce, who runs the U.S. trading division at HSBC’s investment bank, is stepping down on September 1, according to an internal memo seen by Bloomberg News. He becomes the most senior departure known since Bloomberg News reported in May that the London-based bank planned to cut at least 500 jobs within global banking and markets.

HSBC is cutting staff to help meet a target from Chief Executive Officer John Flint to increase revenues at a faster pace than costs, ...