News Home Financial Tech Fintech Advice Pay Student Share on WhatsAppShare on LinkedInShare on TwitterShare on FacebookCopy article linkHSBC ejected a hedge fund trader it hired as an MD in 2017bySarah Butcher16 July 2019 2 minute readHSBC ejected a hedge fund trader it hired as an MD in 2017 16 Jul 2019 comment icon0 comments like icon0 likes In theory, hedge fund traders (presuming they're not just the execution type) are better than the traders who work for banks. According to this narrative, any hedge fund traders who return to banking are somehow doing banks a service and only coming back to avail themselves of the high salaries and superior visibility on trading flow that you get with banking jobs. Banks should be very pleased to have them. HSBC, however, hired itself a senior hedge fund trader in April 2017, and has just let him go again.Greg Sadler joined HSBC as head of financials trading in April 2017.  It's now July 2019 and he's not in his seat.Neither HSBC nor Sadler are saying anything about his departure (HSBC declined to comment), but it's thought that Sadler was put at risk as part of HSBCs programme of cuts. In other words, he hasn't categorically left the bank yet and may resurface doing something different, although this is a genuinely rare occurrence. Sadler joined HSBC from hedge fund CQS, where he spent nearly six years, and cultivated a reputation as a 'big risk taker.' Before CQS he spent a long time in banking at Barclays, Citi and Morgan Stanley. His next move is unclear. If Citi's results yesterday are anything to go by, then banks should have had an excellent second quarter in credit trading. However, eyebrows are being raised at the 43% year-on-year increase in Citi's Q2 'spread trading and other' revenues. "The jump in Credit trading might be down to Citi's $355m gain on their Tradeweb investment ," says one analyst, adding that this seems an odd place to include it, but would account for the strangely good quarter.Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available. Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.) AUTHORSarah Butcher Global EditorLikeCommentShare on WhatsAppShare on LinkedInShare on TwitterShare on FacebookCopy article link Share a comment on this topic Sign up to Morning Coffee!The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Subscribe Boost your careerFind thousands of job opportunities by signing up to eFinancialCareers today.Get startedRecommended Articles Morning Coffee: Goldman Sachs and Morgan Stanley bankers on H1B visas are being outsourced. European traders beg for bigger bonuses Top Articles Deutsche Bank has a new MD in New York. He’s hot One of Jane Street's most important teams is full of professional speed daters Susquehanna's head of prediction markets hired his old friend: an ex-Morgan Stanley trading head Colleagues of murdered BofA VP Erin Piacenti help raise nearly $450k for her young child Balyasny's new AI fellowship program could get you a job on a trading desk Latest JobsAVP & Actuary - Retail Annuity Pricing Selby Jennings New York, United StatesQuantitative Strategist, VP - Delta One & Equity Derivatives Selby Jennings New York, United StatesSenior Tech PM – Risk transformation CRISIL New York, United StatesManager - Fund Tax Selby Jennings Houston, United StatesFinancial Writer (Ghostwriter) Specialist Fisher Investments Camas, United StatesVice President of Financial Sales Fisher Investments Camas, United StatesRelated articlesWho else is in danger of leaving Barclays? 15 Jul 2019 comment icon 0 like icon0 Citi's results suggest there is one particularly epic place to work there now 15 Jul 2019 comment icon 0 like icon0 How get a job at the super-fintech that wants to ‘replumb’ the trading floor 15 Jul 2019 comment icon 2 like icon0 FinancialDeutsche Bank has a new MD in New York. He’s hot 3 Sep 2026 comment icon 0 like icon0 Sign up to Morning Coffee!The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits. Subscribe