HSBC just made a new hire which shows who it won't be cutting tomorrow

eFC logo
HSBC head of compliance Cantor

As fear spreads over HSBC's new strategy and likely big cost reductions and layoffs, some of which will be announced tomorrow, a new hire at the bank suggests that at least one area will remain a strategic focus: high speed algorithmic trading.

HSBC just recruited Wojciech Kudla, a former high performance algorithmic trading specialist who's worked for both Morgan Stanley and Goldman Sachs. Kudla joined this month according to his LinkedIn profile. He will be based at HSBC in London as a senior low latency engineer. It's not his first time at the bank - he previously worked for HSBC for a year in 2016. 

As we reported last week, there have been fears that HSBC will make big cuts to its equities trading business as it looks to extract costs. However, the bank's electronic execution business has been doing well and the appointment of ex-KCG and Goldman trader Rob Crane as interim head of EMEA equities in December last year has been taken as a sign that HSBC plans to stick with electronic trading. - Cuts are more likely in old fashioned equity sales and research.

If HSBC does indeed cut cash equities and focus on high speed algorthmic electronic trading it won't be the first bank to do so. Nomura famously cut its equities business in Europe in 2016 and is now focused on building a new quant trading team under Jezri Mohideen, the bank's chief digital officer.

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.)

 

 

 

Related articles

Popular job sectors

Loading...

Search jobs

Search articles

Close
Loading...
Loading...