HSBC's new global head of credit trading has hired a former ABN Amro colleague known for his involvement in the first generation of credit indexes, after a year in which operating profits in the credit business fell 30%.

Haider Ali will join HSBC next week as head of credit index trading, reporting to Paul Gooding, head of flow credit trading, a spokeswoman confirmed. It is the fourth move Ali has made in less than three years.