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“There is only one bank that I would work for now: HSBC”

HSBC has fans. Its shareholders have taken up 97% of its rights issue, last week it was upgraded to outperform by KBW, and Ralph Silva, research director at the Tower Group, says it’s now the only place to work.

“Of all the investment banks out there, I would only work for one, and that’s HSBC,” says Silva. “If you are looking for a bonus payout, HSBC offers the highest chance of achieving one.”

This is somewhat surprising, given HSBC hasn’t exactly been historically renowned for paying generous bonuses. But Silva says those days are all in the past.

“HSBC’s investment banking unit used to have the reputation of being a sweat shop,” he says. “There were so many people who wanted to work there that they were able to go through people on a two year cycle, but that has changed. They have allocated significant bonuses to senior people in investment banking this year, illustrating their commitment to those areas.”

While Goldman’s bonus paying potential is likely to be constrained by TARP (unless of course it pays the money back to the government) and by its shareholders, Silva says HSBC is under no such restraints: “HSBC’s shareholders are 100% behind its investment banking operations.”

According to information provider Dealogic, HSBC ranked second for EMEA DCM over the previous 12 months, 20th for EMEA ECM, outside the top 20 for EMEA M&A, and fifth for EMEA syndicated loans. Globally, it ranked 13th for investment banking revenues.

Comments (21)

  1. is HSBC the new Goldman Sachs?

  2. Is Goldman Sachs the old HSBC?

  3. is the new HSBC the old Goldman Sachs?

  4. Is HSBC the Goldman Sachs of Olde?

    merchant banker Reply
  5. is sarah_Butcher the new…?

  6. Is HSBC the new Pythagoras Head?

    Pythagoras Head Reply
  7. Ralph works for a consultancy, which means he is an expert in taking some random facts and then creating a powerpoint presentation devoid of any content.

    Let me take you through his thought process for this piece. HSBC is bank, HSBC have money, Ralph like money, Ralph want money, Ralph like HSBC. Mmmm money…

  8. You guys are all absolutely hilarious.

  9. Is the new HSBC the old HSBC?

    From the floor Reply
  10. Is Pythagoras Head a prawn…?

  11. Is Andrew Sachs the man who got Russell Brand sacked?

    Yevgenny Tiswas Reply
  12. is Mendus the new Del G-Dunther?

    Cheese and Sausages Reply
  13. Is Hapoalim the new Thomas Waldermar?

    Mendus the Jug-Head Reply
  14. Is Russell Brand the new Sarah?

  15. Is HSBC the old Midland Bank, the new listening Bank ?

  16. Come to think of it, is Yoga the new sausage eating?

    Shizzle my nizzle it’s the J Doggle Dizzle Reply
  17. Is Sarah the new Jeremy Del GeDunther or the old Pythagoras Head? Is WJB the new FBN Securities or the old First Equity?

    Pythagoras Head Reply
  18. Is Sarah Butcher at the hound races?

  19. It is nothing like GS. I worked at HSBC for 5 years and was glad to escape. Very poor payers both now and then, Bad management who have by chance managed to look like they know what they are doing now even though they have spent the last 3 years cutting their losses and scaling back their IB.

  20. HSBC – less chance of getting fired, but less chance of doing quality IB work with quality people. And, obviously, less chance of .

  21. If all politics is local then is HSBC the world’s most political bank?

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