Finance
HSBC Hires Jp Morgan Executive as Global Precious Metals Sales Lead, Sources Say
Published by Global Banking & Finance Review®
Posted on April 21, 2026
2 min readLast updated: April 21, 2026
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HSBC is hiring JPMorgan’s James Willis as global precious metals sales head, following its recent hire of Mark Augustynak to lead global metals trading—a sign of a broad reshuffle among bullion banks in London’s OTC metals market.
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)
Key Takeaways
- •James Willis, a JPMorgan executive director, will join HSBC mid‑2026 to head global precious metals sales. HSBC recently appointed Mark Augustynak from ICBC Standard Bank as head of global metals trading. HSBC, JPMorgan, ICBC Standard and UBS are key bullion market makers in London, where some 18–20 million troy ounces of gold are cleared daily.
Frequently Asked Questions about HSBC hires JP Morgan executive as global precious metals sales lead, sources say
1Who has HSBC hired as its global precious metals sales lead?
HSBC has hired James Willis, a JP Morgan executive director, as its global precious metals sales lead.
2When is James Willis expected to join HSBC?
James Willis is expected to join HSBC in mid-2026, according to sources.
3What recent changes has HSBC made in its metals trading business?
This month, HSBC also recruited Mark Augustynak from ICBC Standard Bank to head its global metals trading business.
4Why are bullion banks in London hiring more staff?
Bullion banks are expanding teams due to surging gold prices and increased interest from a broader pool of investors.
5Which other banks are expanding their precious metals teams?
In addition to HSBC, Nomura is expanding its precious metals team after recent hires, and several other banks are also seeking to recruit new staff.
