Discover your dream Career
For Recruiters

HSBC began cutting London trading jobs yesterday

The ink is barely dry on HSBC's sparkly new restructuring plan and although the cuts are supposed to be taking place over two years and backloaded to 2021, traders at HSBC in London seem to have been hit upfront yesterday.

"G10 rates got smashed," says one trader on the desk. He and other sources say that six people out of around 20 on the London rates desk were let go. Some sales staff were also handed redundancy notices.

Timing aside, the cuts should come as no great surprise to anyone paying attention to HSBC's plan. The bank declared yesterday that it wants to get out of long term G10 derivative market making in the UK altogether. That's pretty categorical. If you're not in long term G10 derivative market making, you won't need any market makers.

This doesn't make it any easier for the people let go, most of whom were juniors and some of whom only recently joined HSBC. Three associates and three VPs have gone so far according to one source. Eyebrows are being raised as to when the MDs will go too, but maybe they need to close the books.

HSBC didn't immediately respond to a request to comment on the cuts. Its rates traders won't be the only ones on the market: NatWest is cutting too. One source said the real fat at HSBC isn't in London, where desk are pretty lean, but at the likes of HSBC Germany in  Düsseldorf, which the bank is also said to be restructuring - although there was no mention of that yesterday.

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

Photo by Jason Abdilla on Unsplash

 

author-card-avatar
AUTHORSarah Butcher Global Editor
  • Ke
    Kent Brook
    27 February 2020

    Ouch, that has to hurt! I bet they're happy they weren't there today.

Sign up to our Newsletter

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Latest Jobs
Ameriprise Financial, Inc.
Financial Advisor
Ameriprise Financial, Inc.
Tampa, United States
Ameriprise Financial, Inc.
Sr Digital Data Analyst
Ameriprise Financial, Inc.
Minneapolis, United States
Ameriprise Financial, Inc.
Operations Leader
Ameriprise Financial, Inc.
Tampa, United States
Ameriprise Financial, Inc.
Senior Business Unit Operational Risk Manager
Ameriprise Financial, Inc.
Minneapolis, United States
Ameriprise Financial, Inc.
Tax Accountant
Ameriprise Financial, Inc.
Minneapolis, United States

Sign up to our Newsletter

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.