HSBC cut 10% of its US DCM team, including a veteran "baddie." Now it has some new bosses
HSBC US debt capital markets (DCM) business, how's it going? Not so badly, maybe. HSBC ranked outside the top ten for US DCM deals by fees in the first six months of this year according to Dealogic, but it also clawed its way into the US league table at position 10 by volume. The latter is reportedly an improvement upon 2025, when HSBC came in at 13th.
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These are good times, therefore. They come despite a combination of exits and job cuts in HSBC's US DCM business, after which the bank has now sourced one new head of US corporate DCM externally.
HSBC declined to comment for this article, but Bloomberg reported today that the bank has appointed Mitch Van Zandt, a man promoted to MD at Morgan Stanley in 2024, as co-head of US corporate DCM. Van Zandt will be doing the job alongside David Schultz, who's been at HSBC for 13 years and was promoted to MD last year.
HSBC's US DCM business is run by Patrice Altongy, who worked at Citi for 20 years before joining HSBC in 2021. Van Zandt also worked at Citi in the past, as have various other people at HSBC now.
There have been exits from HSBC's US DCM business during Altongy's reign. Last year, for example, Jessica Geogh resigned as head of US DCM after at least 11 years. Geogh is now head of European corporate DCM at Scotiabank in Ireland. Van Zandt and Schultz appear to be jointly filling her role.
HSBC also cut 10% of people from its US DCM team in February amidst an overhaul of its business before bonuses. People who left included director Russell Ashcraft, who just got a new job at XP Investments, a Brazilian investment management company, plus Matthew McNeilly and Rachel Solway.
McNeilly is a veteran DCM banker who spent nearly 20 years at HSBC and who admirably describes himself as a "capital markets baddie." He is still looking for work. Solway still says she works for HSBC on LinkedIn, but FINRA says she left the bank in April.
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