Gary Stein, a former managing director (MD) at Goldman Sachs, has made his way back into banking after a brief stint at the hedge fund Millennium, landing a role at HSBC’s New York office as head of Latin American FX, according to a report by eFinancial Careers.

Stein spent less than 18 months as a Portfolio Manager at Millennium following a seven year tenure at Goldman Sachs, where he was promoted to Managing Director in 2022.

Millennium is known for its strict stop-loss policies, although it remains unclear if that was a factor in Stein's exit. Given HSBC's standing as a significant player in the foreign exchange (FX) market – thanks to its extensive commercial banking operations, which provide a steady flow of business – Stein's return to the banking sector could be seen as a strategic move, rather than a step down.