Niall Booker will step down as HSBC Holdings’ North America CEO, The Wall Street Journal reports. Booker headed the bank’s U.S. consumer finance unit and supervised management of its subprime-mortgage and other portfolios which had incurred huge losses.

The bank has removed the position held by Booker as part of a new structure. Current HSBC Bank USA head Irene Dorner will be handling all of the bank’s U.S operations.

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