HSBC Midland, the treasury and capital markets unit of London-based HSBC Holdings, has reorganized its New York foreign exchange interbank marketing, shifting its operations to London.
The interbank foreign exchange market making unit in New York, which ceased to exist on Oct. 7, had eliminated 55 positions in New York - 25 in the dealing staff, and 30 operations and finance positions.
The operational hours in London will be expanded to serve investors throughout the day to overflow into U.S. trading hours.
HSBC said price making and processing is to be centralized in London, which will help U.S. customers use information and liquidity available from its global foreign exchange network.
"We regret the redundancies that will result from these improvements, but we are confident that our customers will benefit from service enhancements," Tony Rademeyer, HSBC treasurer in New York, said in a statement.