HSBC is it. The British bank, whose investment banking operations are now under the control of former Goldman Sachs banker Mathew Westerman, has hired a well known trader who left a well known hedge fund at the end of last year.
Greg Sadler, who left CQS in November, is understood to be joining HSBC as head of financials trading in April.
Sadler is a popular and experienced credit trader, having spent 16 years working in banks (Morgan Stanley, Citi and Barclays) before moving to CQS in November 2013 to trade financials. CQS is run by former Credit Suisse trader, Michael Hintze.
His decision to return to banking follows a trend: yesterday we reported that an equity salesman left Goldman Sachs for a hedge fund before coming back to Goldman again. Hedge funds are having a hard time. Headcount at CQS fell by nearly 20% last year as the fund cut costs.
HSBC is also cutting costs and heads and has been trimming senior equities traders in London. However, Sadler's arrival suggests it's in the market for good people in London even as it contemplates moving some equities jobs to Paris. HSBC didn't immediately comment on the alleged appointment. Sadler's appointment follows the exit of John Gousias HSBC's head of investment grade and high yield bond trading for hedge fund Millennium Management in January.
HSBC doesn't pay as well as U.S. investment banks and isn't generally seen as a popular bank to work for. However, it ranked eighth our recent survey of ideal employers, down from 7th last year.