HSBC closes NY prop desk, reorgs management
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Proprietary trader Henrik Jensen left the bank last month, and Brown said there were no immediate plans to replace him.
Brown said this decision was a reflection of the bank's general strength in spot trading. "I took a look at the performance of the spot business and saw that our traders are taking a reasonable amount of risk and delivering a lot of value. We will review the prop and strategic capabilities, but I do not envisage us building in that area in 2006."
The move comes as the senior
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