HSBC has made major changes to the senior management team of its markets & securities services business. Following the integration of its M&SS operations teams into a single unit, HSBC has now moved to unify elements of the front office, which involves the elimination of some co-head roles. Richard Godfrey, who was co-head of securities services as well as co-head of securities financing, has left the bank. Allegra Berman, Godfrey’s co-head of securities services, relinquishes that role to focus exclusively on institutional sales across M&SS. In the interim, Sébastien Danloy, currently global head of investor services, will take on the additional role of head of securities services, effectively adding direct clearing and sub-custody to his existing responsibilities.