One of the most senior fixed income salesman at HSBC in the U.S. has quit the British bank for Credit Suisse as investment banks battle to bring in top revenue generators before the end of the year.
Dan Silber, who has held various senior positions at HSBC over the course of 14 years since joining as a managing director in 2003, left in late November, according to his Finra broker page. Silber, who was latterly head of global markets institutional sales for the Americas at HSBC, is understood to have joined Credit Suisse earlier this month as head of foreign exchange and emerging markets FX sales in New York.
Silber joined HSBC in 2003 from Goldman Sachs, where he was a managing director in New York leading a four-strong team selling spot, forward, options and derivative FX products to hedge funds. He initially came on board as a senior vice president within FX sales, but has held numerous roles over the years including deputy head of global markets and head of foreign exchange and metals for the Americas.
Suffice to say, it’s an expensive time for investment banks to be buying out the annual bonus of a senior markets professional, but banks are still hiring sales staff right up until the end of the year. As we reported yesterday, Goldman Sachs – which has hired twice as many people within its fixed income currencies and commodities division in 2017 as it did last year, 43% of whom were in sales – hired Robert Wade, the former head of eFX sales at Deutsche Bank, as a managing director earlier this month. Meanwhile, Harvey Twomey, who was latterly global head of sales for Deutsche’s listed derivatives and markets clearing business in London, has just joined BNY Mellon.
Last month, Credit Suisse paid $135m in fines to the New York Department of Financial Services (DFS) related to claims that its FX team rigged the currency markets between 2008 and 2015. In its third quarter results, Credit Suisse pointed to lower revenues in its macro sales and trading business due to significant declines within both its rates and FX divisions.
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