(Bloomberg) -- HSBC Holdings Plc has made a series of hires from Credit Suisse as it looks to expand its global equities unit serving its corporate and institutional clients.
The London-based bank’s equities business added nine traders and sales staff in London, New York, Hong Kong and Mumbai in recent weeks, of whom eight previously worked at the defunct Swiss financial group, according to a statement.
Simon Farquharson, Andrew Rush, Steve Jobber and Simon Ansell have joined HSBC’s high touch execution business in London. All the men, with the exception of Jobber, worked at Credit Suisse until recently. Additionally, the bank has hired Alex Martin for its London-based portfolio trading execution team, who also previously worked at Credit Suisse.
In New York, the bank brought aboard Joseph Barreto and Matt Flanagan to its equities team, while in Mumbai, Parin Sanghavi joined the bank’s Indian high touch execution business. Tiffany Chiu will also join as a trading director in HSBC’s Hong Kong office. All the new employees previously worked at Credit Suisse.
Many Credit Suisse investment bankers have found themselves caught in rounds of job cuts since the lender’s merger with UBS Group AG in a rescue deal. UBS has made clear that it has no interest in much of Credit Suisse’s investment banking unit, leading many of its staff to look for new jobs.
While a global player in fixed-income markets, HSBC is a minnow in the world of equities trading, where banks help investors buy and sell stocks and equity derivatives. The London-based bank generated just $93 million from the business in the second quarter, citing “lower client activity as a result of low market volatility.” Goldman Sachs Group Inc., Morgan Stanley and JPMorgan Chase & Co. each reported revenue of more than $2 billion for the same period.
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