HSBC revamps US investment bank as four senior executives exit
PremiumHSBC is planning to revamp its Americas Global Banking business to better serve Asian clients and those who want to invest in Asia
Four of HSBC Holdings Plc’s most senior bankers in the U.S. are leaving the investment bank as part of an overhaul of its New York operations.
Robert Gelnaw, head of debt capital markets for North America, Lex Malas, head of advisory and investment banking coverage for the Americas, Jim Kelly, head of corporate banking in North America, and Duncan Caird, co-head of real assets and structured finance Americas, are departing, according to people familiar with the matter, who asked not to be identified discussing a private matter.
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Gelnaw and Kelly didn’t respond to requests for comment. Malas couldn’t be reached. Caird declined to comment.
HSBC is planning to revamp its Americas Global Banking business to better serve Asian clients and those who want to invest in Asia, a person familiar with the plans said. Plans include hiring four managing directors and another 50 bankers over this year and next.
“We are continuing to invest and hire senior bankers who can be strategic advisors to the C-Suite of our clients, especially in terms of sector bankers, financial sponsor coverage and in the financing teams," said Gerry Keefe, head of global banking Americas.
HSBC is in the midst of a global reorganization intended to focus its resources on growing its core Asian markets, which generate most of its profits and are seen as providing the lender with the best growth opportunities.
The strategy has seen HSBC scale back some of its retail operations outside of Asia. Last month, the bank announced the sale of much of its U.S. domestic mass market business to Citizens Financial Group Inc., a Providence, Rhode Island-based regional lender. It has also agreed to transfer its French retail bank to private equity firm Cerberus.
This story has been published from a wire agency feed without modifications to the text.
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