Curious what DCM is like at HSBC in NY? Been seeing that they are focusing more and more on Asia rather than the west. Also saw they recently laid people off. How is culture and outlook looking like?
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Based on the most helpful WSO content, HSBC's Debt Capital Markets (DCM) group tends to have a strong focus on Asia, as the bank's strategy has historically leaned towards leveraging its dominance in that region. This could mean that their DCM efforts in New York might not be as robust or prioritized compared to their operations in Asia.
Regarding layoffs, HSBC has been known to restructure and streamline its operations periodically, which could impact morale and job security. However, the culture at HSBC is often described as more aligned with commercial banking, especially in DCM, where the business is closer to a "flow" model rather than advisory-heavy work. This might make it less intense compared to traditional investment banking roles, but it could also mean fewer opportunities for high-profile deals or exits into private equity.
If you're considering a role there, it’s worth noting that the culture and trajectory might not align with banks that have a more advisory-focused DCM group, like Goldman Sachs or Morgan Stanley.
Sources: Debt Capital Markets - Is it IB?, DCM Path, The future of Hong Kong high finance, Guide to LA IB Scene (2023 Edition), Culture at Japanese Banks?
Bump
Bump
Relocate to asia.
Bump how are they for latam deals?
The platform's pivoting hard to Asia and Middle east, but house view is that DCM and LevFin in the Americas remains a core financing tool for the corporate franchise (led financing for Netflix in WBD take-out, tho crashed) Won't get the typical American floor culture here (at least in asia), but think twice, we are no longer the "Global bank" anymore
Thanks for this. Can you expand on what you mean by the last sentence?
As a fresh junior (at least from where I sit), a bank with strong global exposure gives you real mobility and a cross-regional deal toolkit. HSBC's dealflow skews regional these days, i.e. very little cross-continental stuff, and the mobility program has materially shrunk since they wound down the entire sector coverage footprint outside APAC & ME
If you're looking for broader product exposure beyond DCM, a one-stop-shop IB (no need to be BB bank) with global reach is probably the better seat (think any of the bookrunners on the SpaceX IPO)
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