HSBC is making cuts but not everyone is leaving because they're pushed. Some of HSBC's senior traders are leaving even though their desks are immune.
Julien Serror, HSBC's London-based head of cross currency swaps quit last week. It's not clear where Serror is going next, but it's understood that he has a new role lined-up.
HSBC is in the process of making 35,000 job cuts after announcing a new strategy in February. At the time, the bank said it wanted to reduce sales and research coverage in European cash equities, to transplant 'structured product capabilities' from the UK to Asia, and to focus on the UK mid market and transactions between Europe and 'high growth markets;' bankers focused on large cap clients and doing domestic deals will likely be out. Some G10 rates traders were cut shortly after the new strategy was announced, but FX traders like Serror were theoretically immune.
Serror isn't the only HSBC trader leaving. Jun Lu, a junior rates and FX trader has gone to Bank of New York Mellon. And Brent Hipkiss, a rates trader who spent 13 years at HSBC, has gone to Nomura.
Serror joined HSBC in 2017 after nine years at SocGen.
HSBC declined to comment.
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