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HSBC wants more bankers after adding $415m to the bonus pool and making cuts

Last year it was Santander and Jefferies. This year, maybe it's going to be HSBC that steps in to hire all the bankers being let go by the likes of Barclays and Citi. 

Financial News has been speaking to Greg Guyett, the head of global banking and markets at HSBC and Greg is feeling bullish about hiring. He reportedly intends to add "200 dealmakers" over a two-year period as HSBC enters its "next growth period."

Some geographic locations will be favoured above others. Guyett says hiring will be focused on Asia and in particular on, "south and south-east Asia," India and the Middle East.

Guyett's enthusiasm comes after HSBC hiked pay for 2023. The bonus pool across the bank increased by $415m to $3.8bn last year. Bonuses for HSBC's individual material risk-takers (high earning bankers and traders) went from an average of $672k in 2022 to $772k in 2023. 

Figures from Dealogic show that HSBC ranked outside the top 10 for investment banking revenues in Europe and the US last year. However, it came seventh in APAC, up from 10th in 2022. 

Guyett himself is based in London, although he was initially expected to be located in Hong Kong. Sources at the bank told us he wasn't partial on shifting his family across. 

The new growth period comes after HSBC cut bankers in London and elsewhere before its bigger bonuses were paid. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

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AUTHORSarah Butcher Global Editor

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