HSBC Hires Former Barclays Banker Ginsburg in Investment Bank Shake-Up -- Financial News
18 Junho 2021 - 7:14AM
Dow Jones News
By Paul Clarke
Of Financial News
HSBC Holdings PLC has hired a former Barclays PLC dealmaker to
co-head its advisory unit, part of a series of changes at the top
of its investment bank as it bolsters its team of senior
bankers.
The U.K. lender has merged its capital markets and advisory
business with its investment banking coverage unit, hiring Matthew
Ginsburg, a former Morgan Stanley and Barclays dealmaker, as
co-head alongside Adam Bagshaw, who joined last year from Deutsche
Bank AG, according to a memo seen by Financial News.
Mr. Ginsburg, who is currently chair of Fitch Ratings in Asia,
will join in August, the memo said. His potential appointment was
previously reported by Bloomberg. He will be based in Hong Kong and
replaces Peter Enns, who left HSBC for insurance firm Chubb last
year. Mr. Bagshaw will remain in London.
"He has a well-deserved reputation as a business builder and
thoughtful leader," said Greg Guyett, co-chief executive of HSBC's
global banking and markets business in the memo.
HSBC is in the midst of an expansion of its investment banking
unit, despite a wider overhaul of the business that will see 35,000
jobs lost, Mr. Guyett told FN in May.
"We need bankers that can be strategic advisers to chairmen and
CEOs. We have some great bankers, but not enough to cover all those
clients from an investment banking perspective, so we're definitely
adding," he said.
HSBC has also promoted a series of senior dealmakers as part of
its latest changes. Alexi Chan, who led its capital markets
business, has been named deputy head of the new capital financing
and investment banking coverage unit. He has also been given
responsibility for its environmental, social and governance
activities--a key focus at HSBC and other large investment banks as
clients transition to a cleaner economy. Mr. Chan will remain in
London.
Ray Doody, who is based in the U.S., has also been promoted to
lead a new unit called Credit Linked Capital Markets, which
encompasses debt capital markets, leveraged finance, and
equity-linked products among others. Mr. Doody joined HSBC as
global head of leveraged and acquisition finance in 2017 from
JPMorgan Chase & Co. and moved to the U.S. two years later to
build out a leveraged finance practice in the country.
The bank's London-based global head of equity capital markets,
Ed Sankey, will report into Messrs Ginsburg and Bagshaw under the
new structure.
Messrs Ginsburg and Bagshaw are expected to name their senior
leadership team in the near future.
The moves mean that HSBC now has senior investment bankers
leading key divisions in Asia, the U.K. and U.S. The U.K. lender
has been pivoting its business towards its largest market of Asia,
relocating senior executives including Mr. Guyett, Nuno Matos, who
leads wealth and personal banking, Barry O'Byrne, global head of
commercial banking and asset management boss Nicolas Moreau from
London to Hong Kong.
Mr. Guyett told FN in May that this didn't mean shifting focus
away from other markets for its investment bank.
"We are reshaping our client base in Europe and the Americas,
but we're reshaping it to focus even more energy on those clients
that value our international network and capabilities," he
said.
Website: www.fnlondon.com
(END) Dow Jones Newswires
June 18, 2021 06:03 ET (10:03 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
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