Less than five years after closing its interbank FX trading operation in New York, HSBC is rejuvenating the centre with a half-dozen hires from Deutsche Bank.
Alain Delelis joins as HSBC’s new head of FX trading, sales and emerging markets, reporting to treasurer Joe Petri. Gordon Wu has joined as FX trading manager and William Olderman is responsible for spot trading. Additionally, two traders and one sales person have also joined.
Wu was among the group of Citibankers who moved to Deutsche en masse in April 1994. Shortly after joining Deutsche, Wu transferred to Singapore as chief dealer, but returned to New York in 1996, where he was most recently number two to Delelis. Delelis also joined Deutsche from Citi about four months after the group move in 1994. He was most recently the chief dealer for Deutsche New York.
At HSBC, Petri was named treasurer in February of this year, following the departure of Elias Saal. Petri joined HSBC as executive managing director and head of sales for investment banking and markets in April 2000. He joined the bank from Summit Capital Advisors. Prior to this, he worked for Merrill Lynch, which he left in 1995. At Merrill, Petri headed global FX until mid-1993, when he moved out of FX and into a role heading global institutional sales.
In October 1996, HSBC cut 25 interbank FX traders and 30 operations and finance positions from the New York operation, but the bank essentially regained its New York with the acquisition of Republic National Bank of New York a few years later.
Meanwhile, at Deutsche, the bank has already restaffed the desk with four internal staff, says Daniel Almeida, global head of FX in New York. Andre Katz has transferred from London as the new chief dealer. Prior to joining Deutsche in 1995, Katz was the chief dealer at Barclays Capital in New York. Additionally, Gavin O’Loughnane has also transferred to New York from London, along with one trader from Sydney and one from Frankfurt. Prior to the HSBC departures, the New York spot desk had eight traders. In total, Deutsche has 180 FX traders globally.