Gary Nettleingham, HSBCs global head of spot and forward FX, resigned last Friday. Hed been at the bank since 1989.
Until March 2009 Nettleingham had been European head of FX trading. After the departure of Andrew Brown, who had been global head of FX, the bank redesigned its management structure and appointed Frederic Boillereau as global head of FX and metals. This new role, as we wrote at the time, finally brought, together the banks spot forwards and options businesses, as well as its metals activities into a single global product offering. Nettleingham was promoted to global head of spot and forward FX, reporting to Boillereau.
In an internal note seen by the weeklyFiX, Boillereau writes that Nettleingham played a key role in helping us prepare the foundations for our objective to be recognised as a top-three player in the global FX market. HSBC came seventh in the 2010 Euromoney FX survey, with a market share of 4.5%.
Details of the management structure of the banks cash FX business will be announced in due course but until then Nettleinghams direct reports will report to Boillereau.
Well-placed sources say that Nettleingham isnt retiring, but is likely to pursue interests outside the market.