HSBC's head of high yield trading resigned this morning

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Dan Cohen, the head of high yield trading at HSBC, is understood to have resigned. Sources say Cohen quit the London-based bank this morning. His destination is unclear, although Nomura, RBC Capital Markets and maybe even Deutsche Bank are all seen as possibilities.

HSBC declined to comment and Cohen didn't respond to a query. Colleagues confirmed that he was absent when we called.

Cohen's exit comes after UBS said market conditions for credit products were "challenging" when it reported its first quarter results yesterday. Morgan Stanley and J.P. Morgan said first quarter credit revenues were down too, although Goldman Sachs reported higher first quarter revenues across credit, including investment grade and high yield.

Cohen joined HSBC from BNP Paribas as a high yield trader in 2013, before being promoted to head of high yield in 2015. His exit comes after HSBC is rumoured to have paid restrained bonuses in its markets division.

Last year saw plenty of activity in London high yield recruitment, with Deutsche Bank, Nomura and Standard Chartered all hiring in the final quarter. Citi brought in Paras Shah, another HSBC high yield trader in January.

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