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 

 

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

 

 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

 
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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

 

i wouldnt regard them as a bb in the US maybe in Asia but they have no deal flow in the us 

 

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)

Go all the way
 

good presence in Asia but would not consider unless it is your last option 

 

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? 

 

Any positive reviews at all? Does anyone know how their analysts do in PE recruiting?

 

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

 

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

 

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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