HSBC Holdings Plc is continuing a hiring spree for its equities business in the Asia-Pacific region, recruiting executives from firms including Deutsche Bank AG and Citigroup Inc., according to people familiar with the matter.
HSBC has hired Deutsche Bank’s Isabella Kwok as a managing director for Asian equity sales with a China focus, the people said, asking not to be identified because the move hasn’t been announced. Others joining the London-based bank in Hong Kong include Edman Wong from Citigroup and CLSA Ltd.’s Vivek Gandhi, who will be based in Singapore, the people added.
The hires are part of a restructuring of HSBC’s global equities operation since Hossein Zaimi was appointed to run the business early last year. The bank has brought in new talent from a range of other peers, mostly at director level or below, while pushing out under-performers, the people said. More senior hires have included Michael Chandler, the global head of equities sales for Asia Pacific, and Chito Jeyarajah, both recruited from Goldman Sachs Group Inc. last year.
That restructuring is taking place against the backdrop of tough conditions in the equities business worldwide, with banks facing a relentless decline in trading commissions and a new regulatory regime that has led to fierce competition in the provision of execution and research services. Deutsche Bank said it’s shedding a quarter of equities jobs and reducing overall positions by at least 7,000 as CEO Christian Sewing seeks to slash costs and boost profitability at the investment bank.
At HSBC, the latest additions are intended to boost equities sales for Hong Kong and China and improve its hedge fund business in Asia, one of the people said. Another priority is to strengthen HSBC’s securities business in China, where it became the first foreign bank to win permission for a controlling stake in an onshore joint venture last year.