Thoughts on HSBC?
The only time I hear about HSBC on this forum is when people are making money laundering jokes. However, I wanted to inquire as to what life is like at the firm and if you know anyone there or work there yourselves and what exits are like.
I know they are not a BB but they are still a very large bank and a huge player in Europe and Asia and I never hear anyone complain about working there or go out of their way to praise them even. I am also curious as to what HSBC's reputation is among finance professionals
shit bank that only has clout in asia
read their latest 10k. exiting US and moving into Asia... even their head of banking are relocating to HongKong. Just run if you are recruiting for them in the US, I would take any reputable MM over HSBC. absolutely no dealflow, you do get better hours if that's what you are looking for since there are no deals but below street bonus as a result.
talked to a buddy in their analyst program and can confirm... morale is super low at the moment across the bank
Evidence of morale being low? 20+ juniors leaving in London
its a bloodbath ...all senior hires are from the external banks with no intention to develop and groom internal talent. no A2A as well.
Thats insane that a bank so large does not have an A2A. I dont have an offer from them but was interested in applying for an internship next year.I did not think they would have been that bad as I never hear from anyone who works there like in Apollo or Moelis who are known sweatshops
Let's think about what make juniors stay?
1. If you want to go to a big name/MF PE, you need to lateral to BB/EB, so you leave
2. If you just want a PE job in MM/ LMM/ infra fund, you actively interview in your junior years, then you leave
3. If you like to do banking in long term, you lateral to other BB/EB for a better career, you leave
4. If you just want money, and you realise bonus is shxt, you go to other BB/EB/MM boutiques, you leave
5. If you want WLB, and you realise you constantly work on pitches until 1-2am, you leave
Conclusion: you may like the team/people but unfortunately there is no reason for you to stay
or you get 0 bonus cuz they fire you before bonus week
Pretty decent presence in LatAm as well
IMO beggars cant be choosers if u have multiple offers then choose and be picky as much as u like but when you’re trying to land a job getting an offer from any bulge bracket is great.
i wouldnt regard them as a bb in the US maybe in Asia but they have no deal flow in the us
Dog shit bank. Do not go unless you want to cry every night as your Factset refreshes for 3 hours from 1am to 4am as HSBC decided to limit internet speeds on their VPN to 10mbps
lol? that's ludicrous. why would they do that for capital markets employees? seems like it would cost more money than it saves.
No fucking clue why they do this - fucking clowns.
IT is also a joke - ever try calling your IT team and the only thing they ask you to do is to restart your computer?
Their excel is busted as well - always freezes, can't see drop down boxes etc.
lmao our VPN is also those levels. 10% of what my normal speed is. Infuriating going through shared drives and moving documents around.
luckily thought I only need VPN for the shared space. So I can operate normally without it on (Factset, own Onedrive account, email etc)
This is so true
good presence in Asia but would not consider unless it is your last option
I am kinda hoping someone who works there can chime in. Seems like a negative reputation across the board
can confirm the majority of the comments above .. one of my buddies is a junior in the NYC office and is looking to lateral asap due to all of the above.
How is their LAF team comp/exit ops for analysts? Worth it over pursuing MM coverage?
Junior comp is the same across all IB functions, exit seems pretty good, have seen people going to MF credit arms
aka junior comp is crap across the board.
Good bank. I’ve enjoyed doing business with them
Any positive reviews at all? Does anyone know how their analysts do in PE recruiting?
Fair amount of people going to various types of PE every year, bunch of them to infra funds, some to sector specific elite MM funds (occasionally), some to pension funds / SWF, some to secondaries / co-investments, some to LMM / VC ..
Is this from their m&a group or other groups? Particularly curious in their M&A
Is it possible to go to PC from HSBC? Also interested in the reputation of their corporate banking as well
I spoke with an alumni who was an Associate in their Coverage group in [W. Europe capital]. Apparently, their operations in Europe were hurting pretty bad and they'd had to lay off a pretty big chunk of their IB staff. As people said, priorities seem to be re-focusing on Asia. That said, heard no negatives from him - he liked the role and had been enjoying pretty rapid career progression, plus good mobility between group.
Is it true that bonuses are extremely low in London? Like 5-10k
Not true at all, its below market but not as low as that
11/10 that's true - 1st year bonus was 10k. Heard your bonus was also around 1X post tax
How does HSBC IB compare in the US to other European Banks (DB/UBS/Barclays/CS/etc). Seems like less deal flow but are there similar exit opps?
Obv more difficult to get an interview for MF Buyout
What about good MM? Checked LinkedIn and did not really see that many people...
what are the hours like especially during the pandemic in the US offices?
bump
What is their reputation in asia?
How easy is it to lateral to top BB/EB from NY office?
Bump
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Meh group
Was told by a former associate (recently) that you do not want to work there. If it’s your only option, no shame.
I thought it would be cool to work in Europe so I took a role with HSBC in London that came with a relo package that amortized over 180 days. I was interviewing within a week of looking under the hood and I put in notice on day 181.
Is a rotation to London available to current juniors?
Bump. Has anything changed since a lot of ppl left? Would imagine they would do something. How is the culture, wlb and experience now?
Currently in their corporate banking arm. wlb is so good i feel like im stealing money plus i get to work on a lot of really interesting deals
Hey, I’m interviewing with their corp banking arm. Mind DMing me?
Are there a lot of people exiting to PC from the group? How's the reputation?
I work in the Krakow office, so I know its not exactly the same culture/vibe as in a front office location, but from my experience I would say that the firm unfortunately is very bureaucratic. The employees are fine, but systems are old and slow. You need a ticket for the simplest questions/issues and internal communication is bad. Benefits and opportunities are ok, but it definitely has a lot to improve which others seem to be aware of as well, yet seem to do very little about it...
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