<ul>
<li>Major bullion banks see widespread talent reshuffle in London</li>
<li>Triggered by last year’s hiring spree at trading houses, Tether, smaller banks</li>
</ul>
By Polina Devitt
LONDON, April 21 (Reuters) - HSBC, one of the world’s largest bullion-trading banks, is hiring JPMorgan executive director James Willis to lead its global precious metals sales, four sources with knowledge of the matter told Reuters.
The appointment follows HSBC’s recruitment this month of Mark Augustynak from ICBC Standard Bank to head its global metals trading business.
HSBC, alongside JPMorgan, ICBC Standard Bank and UBS, is a market maker and clearer in the London over-the-counter market, where participants trade directly with each other rather than via an exchange.
On average, 20 million troy ounces of gold, worth about $96  billion at current prices, are cleared on a net basis each day in London.
The appointments reflect a broader reshuffle across trading and sales teams at major bullion banks in London, the world’s largest OTC gold-trading hub.
Last year saw a hiring spree as gold prices surged to successive record highs, drawing a broader pool of investors to the market. That included team expansions at smaller banks and a push into the sector by crypto group Tether.
Willis, who spent 20 years at JPMorgan, is expected to join HSBC in mid-2026, one of the sources said.
HSBC and JPMorgan declined to comment.
Nomura is also looking to expand its precious metals team after hiring Aleksander Ganchev, a former precious metals trader at Standard Chartered, two of the sources said. Ganchev joined Nomura in March, according to his LinkedIn profile.
Nomura declined to comment.
Several other banks are seeking to replace departing staff or expand existing precious metals teams, while others are sounding out the market, sources said.
“By the time people head to Sorrento, I think everyone will have a new job,” one of the sources said, referring to the London Bullion Market Association’s global precious metals conference in Sorrento, Italy, in October.

HSBA

HSBC

- Major bullion banks in London are undergoing significant talent reshuffles following a recent hiring spree by trading houses and smaller banks.  
- HSBC has recruited James Willis from JPMorgan and Mark Augustynak from ICBC Standard Bank to bolster its global precious metals sales and trading teams.  
- This trend is driven by increased activity in the gold market, with many banks looking to expand or fill vacancies in their precious metals divisions ahead of a key industry conference in October.

Reuters

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HSBC hires JP Morgan executive as global precious metals sales lead, sources say