HSBC’s investment bank is not what it was. Although business head Michael Roberts declared recently that it is the envy of Wall Street, some insiders are not so sure since the bank closed its M&A and ECM teams in the US and Europe.
Nonetheless, HSBC still has debt capital markets in these jurisdictions, and it’s still hiring for them. – Even now, when recruitment is expensive as bonuses approach.
One of its hires, Simon Russell, announced today that he is joining in London as head of the institutional client group in Europe. Russell was last seen at Standard Chartered, where he was the regional head of alternative and institutional managers for Europe. Russell doesn’t list Standard Chartered on his LinkedIn profile, but the FCA says he did that job for 13 months. Before that, he spent nearly 14 years at Credit Suisse. HSBC has given him a bigger role.
HSBC is also thought to have given a bigger role to Margaret Szczerbicki, a director in investment grade syndicate at BNP Paribas in America. It’s thought that Szczerbicki is joining HSBC soon as a managing director.
The bank declined to comment.
Sources at the bank have been raising eyebrows at the arrival of the big new hires after so many cuts. Last year, members of the debt capital market team complained that they had not been paid well.
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