HSBC and others are saying goodbye to senior traders before bonuses

efinancialcareers.com:

US banks have announced bonuses. European banks have not. Before they do, it seems they are removing some senior heads. 

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At least three senior equities professionals are understood to be vacating their seats in London, across BNP Paribas, SocGen and Alliance Bernstein, and HSBC.

At BNP Paribas, Brian Gallagher, the head of European execution, is understood to be leaving at the end of this month. At SocGen/Bernstein, Toby Bayliss, the co-head of European trading, is understood to be out. At HSBC, Joelle Tarrant, the global head of cross asset electronic sales, is understood to be leaving. All three are in the electronic equities space, which was once immune to job cuts, but which no longer appears to be.

SocGen and BNP declined to comment, HSBC didn't respond to a request to comment. Gallagher and Bayliss are understood to have learned their fates a few weeks ago. It's thought that Tarrant is part of a series of cuts taking place across HSBC's markets business today.

Headhunters say HSBC's cuts appear to be impacting senior traders with good track records, for whom the news has come as a surprise. Tarrant's exit at HSBC was preceded by the retirement of Rob Crane, the global head of cash execution in July 2024. 

SocGen and Bernstein appear to be cutting costs after announcing their cash equities joint venture last year.  BNP Paribas spent late 2024 cutting — and hiring for its fixed income team. 

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