HSBC's top ex-Citi bankers migrated to London for big jobs that shrunk
When ex-JPMorgan banker Greg Guyett joined HSBC to help run the investment bank in 2018, he had his limits. While Guyett was happy to run the investment bank, he wasn't happy to move back to Hong Kong. Guyett didn't go to Hong Kong during COVID, and he didn't move while his then co-head, Georges Elhedery was on sabbatical. His successors, however, have proven far more geographically flexible - to their possible detriment.
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Guyett is no longer running HSBC's investment bank. In October 2024, Michael Roberts took over part of Guyett's old job, and became CEO of corporate and institutional banking. In December, Gerry Keefe was made head of banking for Europe and the Americas, reporting to Roberts. Both Roberts and Keefe are ex-Citi. Both are Americans and were based in New York. Both men moved to London in January. And as of last week, both of their new jobs shrunk dramatically.
In a memo sent to staff last Tuesday, HSBC announced that it's winding down its M&A and equity capital markets (ECM) businesses in the UK, Europe and the US. By implication, therefore, Roberts - who was previously running a business that comprised commercial banking and investment banking (M&A, ECM and debt capital markets) globally, is now running a business in which M&A and ECM will only operate in Asia and the Middle East. And Keefe, who thought he was running 'client coverage, specialized industry groups, and regional collaboration,' across commercial banking M&A, ECM and DCM in Europe and the US, now only has commercial banking DCM left in his arsenal. That's quite a diminution.
HSBC declined to comment on how either man feels about the change. Presumably it came as less of a shock to them than to HSBC's other senior bankers. The blow may be lessened by the fact that both men are corporate rather than investment bankers by trade. However, it also seems curious that Keefe in particular would have transplanted himself to London for the much reduced role.
Writing on LinkedIn last month, Keefe said he was looking forward to, leading HSBC's "client coverage, industry groups" and to driving "regional collaboration within our new corporate and institutional banking business." At the very least, his job will be made easier by the fact that there will be a lot less to collaborate on in the future.
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