Jeremy Hughes, the former head of European leveraged credit at Barclays who left the British bank last May, has resurfaced. Hughes is understood to be joining HSBC later this week.
Hughes' title at HSBC is expected to be head of European high yield, leveraged loan and distressed credit distribution. His arrival follows that of James Deighton, Barclays' former head of investment grade credit trading, who arrived at HSBC last October after leaving Barclays at the same time as Hughes.
The past few years have seen various changes to HSBC's high yield business. For example, Dan Cohen, its former head of high yield trading, resigned in April 2018. And in 2017, HSBC hired Ray Doody from JPMorgan as head of leveraged and acquisition finance.
HSBC didn't respond to a request to comment on Hughes' arrival. Last year the bank ranked eighth for European high yield debt issuance according to Dealogic, down from seventh one year before. It's thought that HSBC wants to scale the European leveraged loan rankings to a position of three or above.
HSBC is due to announce its fourth quarter results for 2018 tomorrow morning.
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