Comments (20)

Jul 10, 2019

bump

Jul 10, 2019

It is not a serious IB, in the US or in Europe. Decent debt business I guess, but almost all high grade, which is not profitable and not exactly a sought after skillset.

The bank's retail/comm banking DNA and strategy seems to be 100% focused on increasing profitability through taking out costs. Can't grow (or even have) an investment bank with that mindset. Not saying they're wrong, but you kind of wonder why they don't do it right or just give up on it entirely.

Jul 10, 2019

I think they mostly do financing in the us, very little advisory. I'd probably take an average mm ib over HSBC.

Jul 10, 2019

What would you consider average MM? Places like HL/Jefferies/Baird (top MM) you should take no question but if we're considering "average" I would think that HSBC would be better than Piper/Stifel/ Raymond James. Granted I have no idea what the deal flow is but I'd assume HSBC might be better than those shops just due to global branding.

But to OP if you want to know exit go search up on Linkedin, should give you a pretty good picture.

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Jul 10, 2019

I actually visited HSBC for my school's finance trek and it was the only bank on the trek where my classmates and I actively decided against applying after seeing them. So yeah imo I would rather take Piper/Stifel/ Raymond James etc. over HSBC. I wouldn't be surprised if their whole m&a division is just 2 80 year old dudes chilling in rocking chairs in the basement.

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Jul 10, 2019

In the US I'd go to RayJay, Stifel or Piper (certainly Piper's healthcare group) before HSBC. No question. HSBC has random pockets of IB presence (presence =/= strength) in parts of LatAm and AsiaPac, but it is nowhere in the US and nowhere in Europe.

The bank starves the IB of resources because the IB isn't profitable, and the IB says it needs resources to grow and be profitable. Result is a a management shakeup that happens every ~18 months without fail. Has been going on for years.

Jul 10, 2019

Shitty bank that only has global cash management as an advantage.

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Funniest
Jul 10, 2019

stellar money laundering shop

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Jul 11, 2019

I heard that they were tight with Escobar back in the day.

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Jul 11, 2019

Theyre no DB

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Jul 10, 2019

Still better than lower-tier MM shops. They are on big deals occasionally (see: LafargeHolcim) though not sure to what extent the NY office participates.

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Jul 10, 2019

Their London shop seems to be decent and they probably were involved on that.

Jul 15, 2019

I've noticed that HSBC bankers in London know their place. Meaning that they refuse to go head-to-head with EBs/BBs for attractive deals/mandates. Can be an extremely frustrating environment.

Jul 11, 2019

Would avoid HSBC unless you absolutely have no choice. If this is your only choice, would target their leveraged finance group and try to lateral. Their US business is basically starved of resources and rightfully so given they are at a competitive disadvantage to both US and other European institutions and therefore do not generate adequate returns

With that said, I do want to note that I think HSBC gets a bit too much looked down on in WSO because the audience in WSO is mostly US-based but note that in Europe and Asia, they are a powerhouse in debt products (DCM, Leveraged Finance) as well as corporate banking products (Treasury services, cash management).

They have the best-looking (design) debit/credit cards in the UK for what it's worth hah

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Jul 11, 2019

Thanks for the info, DB, HSBC and BNP seem to be the trio of "big" IBs that one should avoid.

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Jul 14, 2019

US only - in europe, those 3 dominate in lev fin - BNP topped the charts in acquisition financing when i checked the bbg terminal and db is probably the best eu lev fin house

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Jul 12, 2019
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