HSBC is forming a global restructuring team targeting corporate clients affected by the coronavirus pandemic.
Patrick Nolan has been named head of client leadership to lead the new team, relinquishing his previous role as global head of corporate banking, according to a report citing an internal memo.
Also joining are Gregory Guyett, co-head of global banking and markets, and Barry O’Byrne, global head of commercial banking, who were tasked by chief executive Noel Quinn to help assemble the team. HSBC’s chief risk officer Pam Kaur will also reportedly join the new restructuring unit.
The internal announcement of a new global restructuring team coincides with the recent news of debt troubles from oil trader Hin Leong which has been hit by turbulent commodity prices. The Singaporean reportedly owes a total of $3.85 billion to 23 banks including $600 million to HSBC, the lender with the largest exposure to the firm.
The coronavirus pandemic and rough negotiations at OPEC have created a volatile environment for the oil market in 2020. Year-to-date, brent crude prices have plunged over 56 percent.