HSBC unexpectedly cut some FX people in Q1. One has got a new job

As HSBC cuts jobs and restructures under new CEO Georges Elhedery, it hasn't only been cutting researchers and investment bankers. It's also been cutting FX professionals in London. One has resurfaced elsewhere. 

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Michael Spencer, HSBC's former head of hedge fund FX sales, has joined DeepWell Liquidity Management as a liquidity manager in London. Spencer didn't respond to a request to comment for this article but it's understood the was one of several people let go from HSBC earlier this year. 

DeepWell is part of interdealer broking firm Tradition. It provides liquidity across a range of asset classes, with a focus on FX and rates

Spencer's disappearance is understood to have come as a surprise at HSBC. He joined the bank from BNP Paribas in 2021 and was latterly head of hedge fund FX sales. 

HSBC declined to comment. The bank is also thought to have quietly let go of other people in London, including Guillaume Rasteu, its head of G10 STIR forwards who the FCA Register says left in February.

As we reported yesterday, HSBC's equity researchers are also finding new roles. 

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