Oct 11, 2018

HSBC hires ex-JPMorgan veteran for investment bank

HSBC has hired Greg Guyett, a former JPMorgan Chase veteran, as co-head of its investment bank as it seeks to address criticism that the division is underperforming. He will join the bank at a time when it is still trying to recover from a damaging memo written by anonymous HSBC executives, which claimed performance at the investment bank was "Appalling" and its strategy for the unit had "Utterly failed". The memo- which prompted questions about the long-term future of the investment bank - is being treated as a whistleblowing event by the bank and its claims are being investigated internally. The person said HSBC did not intend to compete with the likes of Goldman Sachs in M&A advisory, but that it was committed to the investment bank, which allows it to offer a suite of services to corporate clients. The appointment of Mr Enns came a day after HSBC said it had made seven external hires to beef up its infrastructure and real estate investment banking team in Europe, Asia and Latin America.

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