HSBC's Hong Kong equity researchers feel forsaken after London promotions
As we reported earlier this month, HSBC has promoted some managing directors (MDs). Very few of those managing directors are in research.
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HSBC's list of newly rendered research MDs is visible here. There are two: Mike Tyndall and Rajesh Kumar. Both are in London.
Tyndall is HSBC's senior global autos analyst. He joined the bank from Citi in 2018 and was a director for seven years until his promotion. Henning Cosman, HSBC's former head of automotive research, left in 2022. He is now at Barclays.
Kumar is HSBC's senior global healthcare analyst, based in London. He spent nearly two decades at the bank before ascending to the highest rank.
HSBC trimmed its equities team before bonuses, cutting James Grafton, its global head of cash equities trading and Steve Jobber, its head of cash equities trading for EMEA, the day before bonuses were announced.
Last year, HSBC also cut swathes of its equity traders in EMEA after also jettisoning its investment bank (excluding debt capital markets) in Europe and the US. In the circumstances, HSBC's Asian equity researchers were expected to be favoured in MD promotions. This didn't happen, although Achal Kumar, Aris Dacanay, both of whom are Asia-based, were promoted at director level, so maybe it's all fine.
HSBC didn't respond to a request to comment.
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