HSBC has lost a number of senior investment bankers as it continues to restructure and layoff in the upper ranks, and the latest departure is David Noble, who headed up equity capital markets for the Americas.
Noble worked at HSBC for over 12 years, having joined in 2005 from Lehman Brothers in New York as a senior vice president, but left in the past week - around a month after the bank shook up the senior management of its ECM team in North America. In September, HSBC named Brendan Spinks and Alfred Traboulsi as co-heads of ECM for North America.
He established HSBC's Latin America ECM business and also expanded its U.S. operation during his time in charge. Noble was promoted to managing director and head of the ECM business across the Americas just a year after signing up to the bank from Lehman Brothers. He had around 11 direct reports across equity and equity-linked origination and syndicate.
Shortly after the appointment of Matthew Westerman in February 2016, HSBC made some sweeping changes to the senior ranks of its investment bank. In June last year, it up a corporate, financials and multinationals banking unit (CFMB) headed by Philippe Henry, while John Crompton, who was HSBC’s global head of corporate finance, and Florian Fautz, global head of M&A, left. Around a dozen senior bankers departed at the time, but Noble and other regional ECM heads - Adrian Lewis in EMEA and Alexis Adamczyk in Asia - all remained in their roles.
However, HSBC has been continued to cut costs within its investment bank, and senior bankers have departed throughout 2016. It said earlier this year that it was cutting 100 investment banking roles, primarily in the senior ranks. As we've reported variously throughout the year, senior bankers have departed and often decided to do something completely different. In the U.S. Ben Katz, who was head of DCM for the financial institutions group for the U.S. and co-head of HSBC’s financing solutions group for the Americas, left in February this year and launched his own advisory firm, Katz Capital Advisory. Matthew Riez, the global co-head of HSBC's financing solutions group, started WhitmoreJoni Capital Management, while its head of consumer investment banking, Luis Galeano, left to become president and CEO of Cookies United, a New York bakery.
Separately, Paul Hatton, who was head of diversified industrial coverage at HSBC, has left for Deutsche Bank in New York. He joined the German bank in September, having spent the previous ten years as a managing director at HSBC in the U.S. He joined HSBC from ABN Amro in 2007, where he was a managing director within its debt capital markets team.
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