One of HSBC's top FX traders escaped to Citadel

7 October 2026

2 minute read

HSBC may have cut a lot of its London investment bankers. It may have cut a lot of its London equity researchers and traders. But it is still a big trader of FX for its corporate clients. Nonetheless, one of its London FX managing directors (MDs) has left it.

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Vineet Mudgil, an MD in FX options trading who had hitherto been loyal to HSBC since joining the bank in Mumbai in 2008 and moving to London in 2011, has left the bank. He has gone to Citadel to become a portfolio manager instead.

HSBC didn't respond to a request to comment on Mudgil's departure. Nor did Mudgil himself. Nor did Citadel. Mudgil has announced his whereabouts on LinkedIn. The FCA Register says he left HSBC in April, suggesting he's spent the past six months on gardening leave.

There were suggestions in March 2025 that HSBC was considering outsourcing some fixed income trading to Citadel Securities, but HSBC subsequently denied this.

HSBC has stopped splitting out revenues for its equities and its fixed income traders, but in the first six months of this year, revenues in the combined business increased by a mere 2%. FX revenues, however, contributed to an overall 5% increase in transaction banking revenues in the corporate and institutional bank in the first half.

One headhunter said Mudgil is a "decent trader." Bloomberg reported last week that HSBC's new trading floor will have unusually low ceilings; Mudgil will not need to experience this.

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