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HSBC Hires Former Credit Suisse Deal Maker for Vice-Chair Role -- Financial News
|10/21/2020 | 10:08am|
By Paul Clarke
Of Financial News
HSBC Holdings PLC has hired a former senior Credit Suisse Group AG deal maker, as the U.K. lender continues to make strategic hires for its investment bank amid a broader restructure of its business.
The bank has taken on Vikas Seth as a vice-chair within its global markets business, according to a memo sent by Greg Guyett, co-head of global banking and markets at HSBC. The memo was seen by Financial News. The role, which involves liaising with large clients to drum up deals without taking on management responsibilities, will see Mr. Seth focus on emerging markets.
He left Credit Suisse in February amid a broader reshuffle at the Swiss bank, which was looking to reinvigorate its investment-banking business after posting a loss in 2019. Mr. Seth was most recently global head of emerging markets within Credit Suisse's investment bank and has also held senior roles at Goldman Sachs Group Inc. He has also headed up the Swiss bank's M&A business for Europe, the Middle East and Africa.
Part of his remit will be developing closer links between HSBC's investment bank and its commercial-banking unit, a central theme of the U.K. lender's strategy. As part of an overhaul unveiled by its Chief Executive Noel Quinn in February, HSBC is merging the middle and back offices of its commercial and investment-banking units, and has tasked senior deal makers to look for ways of drumming up new business between the two divisions.
HSBC is in the midst of a strategic overhaul that will see around 35,000 jobs lost as it pulls back from noncore business lines, with some of its sales and trading units under review.
However, within its global banking business, the bank has continued to poach senior deal makers as part of an ongoing strategy by Mr. Guyett. He aims to bring in better investment bankers to take responsibility for winning a greater number of marquee transactions for HSBC. Mr. Seth will report into Mr. Guyett.
In June, HSBC hired Adam Bagshaw as global co-head of advisory and investment banking coverage from Deutsche Bank AG. He had been at the German lender for 14 years. HSBC also named Jan Laubjerg as global head of natural resources banking in September.
(END) Dow Jones Newswires