Got an offer for HSBC HK IBD and they said I could submit a preference for which team I’d like to join. Its unclear online how HSBC structure their IBD. Do they have the typical product groups (M&A, DCM, ECM, LevFin) and industry groups structure or is it different?
| +89 | [2026 - October] Unbiased Prestige Rankings | 53 | 2h |
| +87 | Who is the final boss in Houston Energy? (GS, JEFF or EVR) | 19 | 18h |
| +78 | You should probably leave IB | 26 | 1d |
| +45 | Why Do We Turn Comments? | 10 | 1d |
| +43 | Tomorrow Will Be Better | 5 | 4d |
| +41 | Moelis PCA vs Lower tier BB Coverage | 30 | 22h |
| +25 | Banking (Un)fortunately Still Needs You: My Case for Bankers in the AI Era | 3 | 1d |
| +24 | How much should you ask questions / seek feedback as an intern? | 9 | 4h |
| +24 | UBS IB #24 in US M&A in 2026 | 10 | 1h |
| +23 | Lateraling as Analyst | 21 | 1h |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
Yup they follow the typical format - industry groups + product teams incl. M&A and capital markets. Cap markets would include the typical DCM, ECM, levfin, and a couple more niche groups including structured products and hedging etc.
Would not recommend industry teams at this stage as post-restructuring a significant number of people have left the bank across seniors / juniors (both voluntarily and involuntarily), and as such most of your typical sectors are barely staffed with the exception of a few stronger groups.
Would recommend cap markets (on the debt side specifically) if that’s something that aligns with your interest.
Very helpful, thanks. I’m more interested in M&A, how do they do here especially in HK?
Definitely significantly weaker versus the BBs / EBs but probably slightly better than the other MMs. Some sectors / geographies (e.g. HK coverage, natural resources, infra etc.) are OK but beyond that other teams are very weak - a good portion of mandates are financing driven and there’s little actual advisory work.
Their m&a team sits under corporate finance and execution coverage. Not a lot of actual m&a processes given the region is capital markets driven. It falls under AIBC (coverage IB). But honestly would avoid the firm if you have better offer. buddies there seem quite miserable
was wondering how different DCM in HK would look like vs DCM in US
They’re a financing-led bank with one of the largest balance sheets in the region so they’re a very strong player in levfin, but relatively more conservative from a risk perspective so they’re on more of the vanilla portion of the credit spectrum versus someone like a DB or (previously when it still existed) CS. Fairly large team size versus other competitors in the region.
But should caveat that levfin is a very different product in Asia versus US / Europe.
How much modelling work would you say the team gets compared to LevFin in US/EU. Consequently what are the chances of landing a PE or PC role after.
Tempore dignissimos quidem autem accusamus qui repudiandae. Amet in culpa est et adipisci quo at sit. Provident eos quia quas debitis. Hic molestias architecto facilis aperiam vel dolor aliquid.
Vero voluptates distinctio nostrum et. Est commodi quia ea. Aperiam voluptas labore error et earum neque.
Perspiciatis a ut corrupti aut. Ea dolores dolores fugit dolores et. Voluptatem culpa sed maxime quasi aliquam nihil. Qui dicta fuga corporis nobis qui praesentium.
Dolorem temporibus vero cum in natus. Id quia debitis eos ex magni.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...