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?
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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.
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