Latest news with #HSBCHoldingsPlc
Mint
15 hours ago
- Business
- Mint
HSBC Said to Be Creating New Team for Tough Infrastructure Deals
(Bloomberg) -- HSBC Holdings Plc is setting up a dedicated team to finance infrastructure projects that would typically struggle to attract capital from other sources, according to people familiar with the matter. The corporate and institutional banking unit is looking for a global head of strategic financing partnerships, the people said, asking not to be named discussing private deliberations. HSBC started searching for someone to fill the role, which may be based in the US, a few months ago but has yet to settle on a candidate, they said. The role will report to Danny Alexander, who is chief executive of infrastructure finance and sustainability within HSBC's CIB unit, they said. A spokesperson for HSBC declined to comment. The new hire will build out a small team globally that will focus on so-called blended finance deals for infrastructure projects that pool together concessional and commercial capital, the people said. Blended finance is intended to channel a combination of private and public funds into sustainable projects, mostly in developing countries. A key challenge around such projects, however, is coming up with a risk-reward structure that can lure adequate levels of private capital. HSBC's new team will be tasked with establishing partnerships that are similar to a Singapore-based debt financing platform called Pentagreen Capital, one of the people said. Pentagreen, which HSBC established back in 2022 together with state investment fund Temasek Holdings Pte., is targeting assets related to renewable energy, storage, water and waste treatment as well as transport infrastructure. Citigroup Inc. and Sumitomo Mitsui Banking Corp. are among other lenders targeting new deals in the market for blended finance. Such transactions totaled $18 billion last year, down 21% from 2023, according to a report by data provider Convergence published in May. Blended finance faces a decline in public spending as the US pulls back from many of its developmental aid commitments. HSBC is creating its new blended-finance team as other parts of the bank undergo considerable upheaval. That includes a global restructuring program to cut costs by about $3 billion, a plan that includes ending businesses such as equity underwriting and advisory services outside the bank's core operations in Asia and the Middle East. --With assistance from Alastair Marsh. More stories like this are available on
Mint
7 days ago
- Business
- Mint
HSBC Hastens Search to Find Next Chairman as Tucker's Exit Nears
(Bloomberg) -- With the clock ticking in the hunt for HSBC Holdings Plc's next chairman, Europe's largest bank is speeding its efforts to assemble a list of candidates for the role. Chairman Mark Tucker's announcement last week that he would leave HSBC in September to take on a non-executive chairman role at AIA Group Ltd. came as a surprise to some of his fellow board members, who thought they'd have more time to find his replacement, according to people familiar with the matter. As the board convened in Hong Kong this week to discuss potential successors, it remains an open contest for the job, they said, asking not to be identified discussing non-public information. Senior independent director Ann Godbehere — the director in charge of choosing Tucker's successor — has yet to produce a final shortlist of names for the role, though high-profile finance figures like Goldman Sachs Group Inc.'s Richard Gnodde and Kevin Sneader are under consideration, the people said. 'Tucker's expedited departure could mean an overly compressed timetable for what is a critical appointment,' said John Cronin, a financials industry research analyst at SeaPoint Insights. 'Tucker's shoes will be difficult to fill.' Among the qualities needed for any candidate will be an in-depth knowledge of Asia, where HSBC is doubling down as part of Chief Executive Officer Georges Elhedery's broader plans for the company. In addition to deep experience of the banking industry, the board is also hoping to find someone with a background in wealth management as HSBC looks to become the world's largest player in that space outside of the US in the coming years. The role will also require someone with diplomatic skills as HSBC is forced to navigate the increasingly unpredictable relationship between the US and China. Process Underway Godbehere's committee has had recruiters from the London-based executive search firm MWM Consulting working for months to help find Tucker's replacement, the people familiar with the matter said. While Tucker had previously tipped he would be gone before the end of the year, the news that he would depart on Sept. 30 to return to the Hong Kong-based insurer accelerated the succession planning, the people familiar with matter said. 'The process to appoint a new chairman is underway,' HSBC said in a statement. 'We will provide an update in due course.' Tucker spent years establishing himself as the unquestioned power inside HSBC. He ultimately appointed four different CEOs during his tenure and was credited for helping to defuse a yearlong row between the bank and investor Ping An Insurance (Group) Co. after the Chinese insurer launched a campaign to force a break up of the bank. Whoever takes up Tucker's mantle will take on the chairmanship at a time of dramatic change at HSBC, which has spent the best part of the last year enmeshed in a broad restructuring as Elhedery has slashed jobs, merged divisions, and reshaped the bank's top executive committee. With the company short on time, attention has turned to those already on HSBC's board who could be parachuted into the role immediately. HSBC has a habit of turning temporary office holders into permanent replacements and the board's 76-year-old interim chair Brendan Nelson is one option the board is considering for the gig, the people familiar with the matter said. Directors are also weighing the merits of Gnodde, a vice chairman of Goldman who previously headed their international business, and Sneader, the former global managing partner of McKinsey & Co. who now leads Goldman's Asia Pacific business outside of Japan. Sky News first reported Sneader was a potential candidate for the role. Sneader's experience in Asian markets and being based in Hong Kong are a plus, though the circumstances of his departure from McKinsey — he was voted out of the consulting giant amid an uproar over its role in fueling the opioid crisis in America — could also make his candidacy a challenge. Gnodde also has experience in Asia, having run Goldman's business in the region in the late 1990s and early 2000s. He ultimately played a leading role in expanding the bank's footprint in the region and securing access to China's securities markets. Former Citigroup Inc. executive James Forese, who has sat on the bank's board for the past five years, is another possible contender. But his time on the board means he would hit the nine-year term limit that the UK enforces on board directors before the end of the decade. Other possible contenders are former HSBC executives. Foremost among them is Stuart Gulliver, who stepped down shortly after Tucker took over as chairman back in late 2017. Clive Bannister, a former HSBC banker who went on to become CEO of Phoenix Group Plc, is another prospective option. Representatives for MWM Consulting as well as Gnodde, Sneader, Bannister, Gulliver, Forese and Nelson either declined or did not respond to requests for comment. HSBC has a history of hurried successions, the most dramatic of which was Tucker's ouster of CEO John Flint in 2019. The bank then came close to appointing Jean-Pierre Mustier, UniCredit SpA's CEO at the time, only to rescind the offer at the last minute. --With assistance from Sridhar Natarajan, Denise Wee and Katherine Griffiths. More stories like this are available on
Economic Times
27-05-2025
- Business
- Economic Times
HSBC cuts dozens of analyst jobs in investment banking overhaul
Reuters A HSBC bank branch in London HSBC Holdings Plc has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the affected by the move include Steven Major, HSBC's Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the part of the sweeping changes, the London-based bank is combining macro strategy across asset classes including foreign exchange and fixed income, one of the people said. Murat Ulgen will now act as interim head of macro strategy in addition to his existing role as global head of emerging markets research, the person said. Meanwhile, Eliot Camplisson and Raj Sinha will expand their roles to become co-heads of equity research globally, and Janet Henry will continue to lead the global economics team, according to the person. The latest revamp comes as Chief Executive Officer Georges Elhedery continues to streamline the lender to increase efficiency. Since taking the helm in September, he has combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. The CEO has also shuttered most of the bank's mergers and acquisition and equity underwriting operations in the US, Britain and continental Europe. 'Our global research, equities sales and trading businesses are core to corporate & institutional banking,' a spokesperson for HSBC said in an emailed statement. Major didn't respond to a request for comment on sweeping restructuring of the bank is expected to lead to $1.8 billion in charges over the next two years. Billions more will be spent redeploying resources from lower-returning units to areas where the bank believes it has a better chance of earning higher recently, HSBC reorganized its capital markets and corporate advisory units into a new business in a move aimed at grabbing a larger share of the booming private credit industry. Ed Sankey, the bank's global head of equity capital markets, is among those departing, Bloomberg News has banker Greg Guyett is also poised to leave within months, Bloomberg has reported. The firm is in the process of trimming some vice-chairman roles that reported to Guyett, the former head of the bank's global investment banking arm, according to people familiar with the matter. You Might Also Like: HSBC lays off bankers on bonus day, no payouts given Shares of HSBC have gained more than 10% this year in London. Still, as one of the world's largest trade financiers with a majority of revenue earned from Asia, HSBC is highly exposed to the global tariff war and growing tensions between Washington and Beijing.
Time of India
27-05-2025
- Business
- Time of India
HSBC cuts dozens of analyst jobs in investment banking overhaul
HSBC Holdings Plc has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter. Those affected by the move include Steven Major, HSBC's Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the people. As part of the sweeping changes, the London-based bank is combining macro strategy across asset classes including foreign exchange and fixed income, one of the people said. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trekking pants for mountain sports and adventure travel Trek Kit India Shop Now Undo Murat Ulgen will now act as interim head of macro strategy in addition to his existing role as global head of emerging markets research, the person said. Meanwhile, Eliot Camplisson and Raj Sinha will expand their roles to become co-heads of equity research globally, and Janet Henry will continue to lead the global economics team, according to the person. The latest revamp comes as Chief Executive Officer Georges Elhedery continues to streamline the lender to increase efficiency. Since taking the helm in September, he has combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. The CEO has also shuttered most of the bank's mergers and acquisition and equity underwriting operations in the US, Britain and continental Europe. Live Events You Might Also Like: India among HSBC's top 4 priority growth markets, says CEO Georges Elhedery 'Our global research, equities sales and trading businesses are core to corporate & institutional banking,' a spokesperson for HSBC said in an emailed statement. Major didn't respond to a request for comment on LinkedIn. Elhedery's sweeping restructuring of the bank is expected to lead to $1.8 billion in charges over the next two years. Billions more will be spent redeploying resources from lower-returning units to areas where the bank believes it has a better chance of earning higher revenues. Most recently, HSBC reorganized its capital markets and corporate advisory units into a new business in a move aimed at grabbing a larger share of the booming private credit industry. Ed Sankey, the bank's global head of equity capital markets, is among those departing, Bloomberg News has reported. Senior banker Greg Guyett is also poised to leave within months, Bloomberg has reported. The firm is in the process of trimming some vice-chairman roles that reported to Guyett, the former head of the bank's global investment banking arm, according to people familiar with the matter. You Might Also Like: HSBC lays off bankers on bonus day, no payouts given Shares of HSBC have gained more than 10% this year in London. Still, as one of the world's largest trade financiers with a majority of revenue earned from Asia, HSBC is highly exposed to the global tariff war and growing tensions between Washington and Beijing.
Mint
27-05-2025
- Business
- Mint
HSBC Cuts Dozens of Analyst Jobs in Investment Banking Overhaul
(Bloomberg) -- HSBC Holdings Plc has culled more than two dozen analysts in recent days as Europe's largest lender deepens a restructuring of its investment banking businesses, according to people familiar with the matter. Those affected by the move include Steven Major, HSBC's Dubai-based global head of fixed income research, the people said, asking not to be identified discussing confidential information. Most of the cuts were in Europe, according to the people. As part of the sweeping changes, the London-based bank is combining macro strategy across asset classes including foreign exchange and fixed income, one of the people said. Murat Ulgen will now act as interim head of macro strategy in addition to his existing role as global head of emerging markets research, the person said. Meanwhile, Eliot Camplisson and Raj Sinha will expand their roles to become co-heads of equity research globally, and Janet Henry will continue to lead the global economics team, according to the person. The latest revamp comes as Chief Executive Officer Georges Elhedery continues to streamline the lender to increase efficiency. Since taking the helm in September, he has combined HSBC's commercial and investment banking units, while making operations in the UK and Hong Kong standalone businesses. The CEO has also shuttered most of the bank's mergers and acquisition and equity underwriting operations in the US, Britain and continental Europe. 'Our global research, equities sales and trading businesses are core to corporate & institutional banking,' a spokesperson for HSBC said in an emailed statement. Major didn't respond to a request for comment on LinkedIn. Elhedery's sweeping restructuring of the bank is expected to lead to $1.8 billion in charges over the next two years. Billions more will be spent redeploying resources from lower-returning units to areas where the bank believes it has a better chance of earning higher revenues. Most recently, HSBC reorganized its capital markets and corporate advisory units into a new business in a move aimed at grabbing a larger share of the booming private credit industry. Ed Sankey, the bank's global head of equity capital markets, is among those departing, Bloomberg News has reported. Senior banker Greg Guyett is also poised to leave within months, Bloomberg has reported. The firm is in the process of trimming some vice-chairman roles that reported to Guyett, the former head of the bank's global investment banking arm, according to people familiar with the matter. Shares of HSBC have gained more than 10% this year in London. Still, as one of the world's largest trade financiers with a majority of revenue earned from Asia, HSBC is highly exposed to the global tariff war and growing tensions between Washington and Beijing. More stories like this are available on
