HSBC has reportedly raided U.S. rival Goldman Sachs in Hong Kong. The British bank is boosting its equities arm in Asia, counter to a lull in trading volumes.
The London-based bank has hired three former Goldman bankers, «Bloomberg» reported, citing undisclosed sources.
The first, ex Goldman research sales co-head Michael Chandler, is joining HSBC as head of equity sales. Another, equity derivatives banker Martin Zoll, has been hired by HSBC as head of corporate equity derivatives and equity-linked products.
Meanwhile, Chito Jeyarajah, an investment banking managing director, is leaving for a senior HSBC equity capital markets role – a move first reported last month by «IFR».
The British bank’s equities raid comes shortly after it became the first foreign bank to clinch the right to majority-own a securities partnership in China – a coveted achievement in the industry.
HSBC’s investment bank in Asia was put under the leadership of Matthew Westerman – himself a Goldman alum – earlier this year. He is said to be balancing necessary cost cuts – and redundancies – against potential new business.
HSBC has not cut its equities franchise, where trading has slowed, as sharply as competitors such as UBS.