HSBC - London - Help
Have an interview coming up with them. Any insight would be helpful!
On a side note, heard a lot of people recently left. Does anyone know why?
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Pay is definitely on the low side (both bonuses and associate base onwards below street)
Key driver for recent / likely continued exits in London + lack of clear growth strategy also a bit of a drag
Any chance you could give % ranges for bonus comp? Understand ASO is around 80k base?
~50-60% as an analyst as max and slightly lower usually as junior associate, 80 is correct
Format of the interview is highly team dependent. Which team you interviewing with?
Can't disclose too much but one of the teams in under the Corporates umbrella. Hope this helps....
Also seems like I'm going to meet multiple teams?
Bonus was so shitty and this has been a problem a few years.
I interned there after they canned Westerman.
They were an up and coming BB when they had Westerman but after they fired him it just went downhill. Lots of internal drama.
HSBC in general is a bank with "decent" foundations but no coherent strategy.
IT is trash (friend's computer keeps breaking down and for some bizarre reason, they cap your internet speed when you wfh at 10mbps + and did i say the computer keeps crashing? - Not fun when 60% of your job is fixing your computer / waiting for FactSet to refresh) and is not integrated with the commercial bank so you can't leverage those relationships.
Bankers prefer to take financial deals vs M&A deals as it is "safer." They should've done what Westerman told them to do which was that if your clients don't mandate you for M&A, you no longer lend to them. Alas, HSBC has great potential but it is just a divided kingdom with warlords and their own interests who aren't interested in growing the pie.
If you have no where to go, go ahead and join HSBC. But then GTFO after 1 year or else you'd find it hard to go anywhere afterwards. Think this year was a bit special cause every single bank was in need of people of the guys at HSBC could bounce but after things return to normal, it might be a bit more difficult.
You gotta be in the right team, some sector teams just don't get any M&As
Have seen some good exits to decent buy side shops tho, not MFs obv, e.g. PE group of pension funds, decent European MMs, big infra funds etc.
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