HSBC has taken on Deutsche Bank’s Adam Bagshaw as global co-head of advisory and investment banking coverage, according to an internal memo seen by Financial News.
This is the latest key appointment made despite the lender’s overall hiring freeze and makes him one of the most senior investment bankers globally. Bagshaw was latterly co-head of corporate finance for Europe, the Middle East and Africa at Deutsche Bank.
He will co-head the unit alongside Peter Enns, who is based in Asia, and is set to join HSBC in September, the memo said. Bagshaw has spent the past 14 years at Deutsche Bank and also headed up its financial sponsors business in Europe.
Bagshaw is the latest example of HSBC hiring well-regarded investment bankers in a bid to bolster its advisory business under the leadership of Greg Guyett. Guyett told Financial News previously that the lender was looking to hire “better bankers” to help secure more lucrative advisory deals.
Bagshaw’s appointment comes as HSBC has resumed its cost-cutting initiative, unveiled in February, which is set to result in 35,000 job cuts. Noel Quinn, it’s chief executive, told employees last week that redundancies would resume after a three-month hiatus and that a hiring freeze would remain in place.
The memo from Guyett said that Bagshaw would focus on increasing ties between HSBC’s investment banking and commercial banking clients. The bank stopped short of a wholesale merger between the two units in February but is looking for ways to forge closer ties between the divisions.
Hugo Heath has been co-head of advisory and investment banking coverage on an interim basis following the abrupt departure of Matthew Wallace earlier this year. Heath will resume his former role as vice-chair of banking.
HSBC also hired Macquarie banker Jacques Callaghan to lead its new mid-market M&A team in May. The unit will eventually comprise 20 investment bankers.
