HSBC's long-serving global banking & markets chief Samir Assaf is set to be replaced as part of a broader set of forthcoming senior management changes at the lender, the Financial Times reported.
Sources told the paper that the move could be unveiled within the coming months ahead of Quinn's plans to announce major new strategic changes for the business.
The potential replacement comes a month after HSBC posted a 19% drop in third-quarter profit.
Acting chief executive Noel Quinn, who took charge after the shock departure of predecessor John Flint in August, blasted the recent performance as "not acceptable".
Lebanese banker Assaf has run HSBC's giant global banking and trading division, which generated $6.1bn in profits on revenues of $15.5bn last year, since 2011. He will stay with the business in a senior role but no longer manage it, the source said.
Employees have not yet been informed in an internal communication about the change, separate HSBC sources said.
Geographically, HSBC posted a loss of $424m in Europe during the third quarter, compared to a $634m profit a year before. In North America, profit dropped 36% to $299m. In the Middle East & North Africa, HSBC's profit slipped 5.3% to $305m.
This was offset, however, by a positive performance in Asia. HSBC saw profit rise 4.3% in its core market to %4.65bn.