HSBC said to hire from Goldman Sachs in latest Wall Street FX moves

There have been more moves in FX sales and trading on Wall Street as some banks look to cut costs and others try to bulk up their teams.

HSBC is understood to have recruited Libardo Gerardino, the former head of emerging markets trading for New York at Goldman Sachs, as head of FX trading for the Americas in NYC. Neither Gerardino nor HSBC confirmed the move, but Gerardino - who is understood to be on gardening leave - is no longer on Goldman's global directory. He spent seven years with the firm and was made MD in 2015.

There have also been exits from Citi, which is thought to be squeezing costs in its G10 and emerging markets FX business. Renzo Anfossi, a vice president in emerging markets derivatives trading, is understood to have left voluntarily and is on gardening leave before joining Credit Suisse in the New Year. John Gaudino, a former G10 spot trader at Citi in New York, is understood to be going to BNP Paribas, despite only joining Citi from Barclays in May 2017. 

The changes come after various FX salespeople swapped jobs in New York at the end of the summer. Macro traders have had a mixed year, particularly in emerging markets. G10 rates revenues fell 7% in the first half of this year versus the same period of 2017, according to research firm Coalition. Coalition says G10 FX revenues rose 21% over the same period. At the time of its third quarter results, Citi said rates, currencies and credit products contributed to rising revenues in the third quarter. Goldman Sachs also said its currencies trading revenues were higher in Q3, but that its rates revenues were "significantly" lower during the period.

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