Oct 5, 2018

HSBC hires former head of Goldman’s Canadian arm

HSBC has sought to address criticism that its investment bank is underperforming by announcing a string of external hires to bolster the business in senior positions. The appointment of Mr Enns, who has had a long career at Goldman Sachs, 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. The bank is still reeling after a leaked memo from unnamed HSBC executives claimed that its investment banking strategy had "Utterly failed" and its "Performance is really appalling". The memo - which is being treated as a whistleblowing event by the bank, with its claims examined in a formal process - has ignited a frenzy of speculation in the City of London and some deep introspection inside HSBC about the future of its investment bank. Mr Enns will work closely again with Mark Tucker, chairman of HSBC, who was chief executive of Asian insurer AIA when the former Goldman banker advised on its Hong Kong initial public offering in 2010.

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