HSBC has named a new head of investment banking for continental Europe as veteran dealmaker Hubert Preschez has stepped down from the UK lender.
Jean-Manuel Richier will take over as co-head of global banking and head of investment banking for continental Europe, according to an internal memo seen by Financial News. He currently leads HSBC’s business in Switzerland and will take his new position alongside Frédéric Coutant, overseeing its investment bank in France, Benelux and other key European locations at a time when HSBC is refocusing its investment bank on its main markets of Asia, UK and the Middle East.
Richier will lead HSBC’s investment banking business in continental Europe, with Coutant maintaining responsibility for its corporate bank, the memo added.
Richier joined HSBC in 2013, and was promoted to CEO of its Swiss operations two years later. He was previously co-head of investment banking for France at Citigroup and has also led the financing group for Goldman Sachs in France and Belgium.
The changes are the latest at the top of HSBC’s investment banking unit, with long-serving executive Philippe Henry set to step down after 32 years at the bank.
The bank has hired Wells Fargo executive, Lisa McGeough, as head of global banking for Europe to replace Henry, Financial News reported on 22 April. One of the most senior female bankers in the City who has previously featured on the FN 100 most influential women in Europe list, she will start at HSBC in June, reporting to global banking and markets co-head, Greg Guyett, and HSBC’s European CEO, Colin Bell.
HSBC is pivoting its business towards Asia, with Guyett set to relocate from London to Hong Kong later this year alongside Nuno Matos, chief executive of wealth and personal banking, Barry O’Byrne, chief executive of global commercial banking and Nicolas Moreau, its head of asset management.
Meanwhile, James Horsburgh, who has been leading HSBC’s leveraged and acquisition finance business in Asia-Pacific for the past four years, has been named as a managing director within its advisory and investment bank coverage unit for the UK and International Europe.
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