600+ resignations of senior bankers was NOTHING in comparison to the latest resignation announcement from the Bad Guys!
Goldfinger bows out of precious metals
By Jack Farchy
The gold market has just lost one of its most senior figures.
Jeremy Charles, the veteran head of precious metals at HSBC, retires on Friday after a career of nearly four decades at the heart of the bullion industry. In that time, he helped to revolutionize the market.
Under Mr Charles, HSBC’s precious metals division has become one of the largest and most profitable franchises in the industry. With just 27 front office staff, competitors estimate that the bank’s precious metals division makes annual revenues of $200m-$300m a year, rivalled only by ScotiaMocatta, UBS, and JPMorgan. Along with JPMorgan, HSBC trades more gold in the London market than any other bank, traders say.
Mr Charles, who started his career in 1975 as a 19-year-old “tea boy” at NM Rothschild and went on to become chairman of the London Bullion Market Association, has witnessed the transformation of the gold market from a backwater into one of the most profitable areas of many banks.