HSBC Appoints JP Morgan’s James Willis as Global Precious Metals Sales Lead
By Polina Devitt
HSBC Strengthens Precious Metals Team Amid Industry Reshuffle
HSBC’s New Leadership in Precious Metals Sales
LONDON, April 21 (Reuters) – HSBC, one of the world’s largest bullion-trading banks, is hiring JPMorgan executive director James Willis to lead its global precious metals sales, four sources with knowledge of the matter told Reuters.
The appointment follows HSBC’s recruitment this month of Mark Augustynak from ICBC Standard Bank to head its global metals trading business.
London’s Role in the Global Precious Metals Market
HSBC, alongside JPMorgan, ICBC Standard Bank and UBS, is a market maker and clearer in the London over-the-counter market, where participants trade directly with each other rather than via an exchange.
On average, 20 million troy ounces of gold, worth about $96 billion at current prices, are cleared on a net basis each day in London.
Industry-Wide Reshuffling and Recruitment Trends
The appointments reflect a broader reshuffle across trading and sales teams at major bullion banks in London, the world’s largest OTC gold-trading hub.
Last year saw a hiring spree as gold prices surged to successive record highs, drawing a broader pool of investors to the market. That included team expansions at smaller banks and a push into the sector by crypto group Tether.
James Willis’s Background and Expected Start
Willis, who spent 20 years at JPMorgan, is expected to join HSBC in mid-2026, one of the sources said.
HSBC and JPMorgan declined to comment.
Other Banks Expand Precious Metals Teams
Nomura is also looking to expand its precious metals team after hiring Aleksander Ganchev, a former precious metals trader at Standard Chartered, two of the sources said. Ganchev joined Nomura in March, according to his LinkedIn profile.
Nomura declined to comment.
Several other banks are seeking to replace departing staff or expand existing precious metals teams, while others are sounding out the market, sources said.
Industry Outlook and Upcoming Events
“By the time people head to Sorrento, I think everyone will have a new job,” one of the sources said, referring to the London Bullion Market Association’s global precious metals conference in Sorrento, Italy, in October.
(Reporting by Polina Devitt. Editing by Veronica Brown and Mark Potter)
