HSBC cuts in emerging FX

The emerging markets desk, which previously numbered about 25 staff covering all global emerging markets currencies, will now have up to 15 staff, said Michael Powell, London-based head of global markets for Europe.

The move began on September 3 and reflects the recently created global management structure of the business, which included the appointment of Stuart Gulliver as co-head of HSBC’s corporate, investment banking and markets business (FX Week, April 21).

"Previously, Europe was runn