HSBC Hires Former BNP Paribas Banker as Head of Global Debt Markets for Asia
HSBC Holdings hired former BNP Paribas banker George Sun as head of global debt markets for Asia, attracting an outsider even as the bank undergoes a restructuring.
Confirmation and New Role
A spokeswoman for HSBC confirmed the hire. Sun starts with the bank on Mar 11 and will be based in Hong Kong. He was previously head of global markets for Greater China and deputy chief executive officer for China at French lender BNP Paribas.
Bank’s Restructuring Efforts
HSBC last year announced it was combining its commercial banking and global banking businesses – as part of a major overhaul under new chief executive officer Georges Elhedery. The markets business, helmed by Patrick George, also comes under the new corporate and institutional banking unit.
Background of BNP Paribas
BNP last year made a first round of layoffs in China investment banking since an expansion two years ago, cutting about 10 jobs amid a sluggish market for deals. The cuts affected about 10 per cent of the bank’s China-related headcount, one of the people said. The Paris-based firm received approval in April to build its securities operation on the mainland, re-entering the market after exiting a local joint venture 17 years ago.
No Comment from BNP
A BNP spokesman declined to comment. Bloomberg
Conclusion
The hiring of George Sun by HSBC Holdings demonstrates the bank’s commitment to restructuring and growth, despite challenges in the financial markets. Sun’s experience as head of global markets for Greater China and deputy chief executive officer for China at French lender BNP Paribas will likely prove valuable in his new role as head of global debt markets for Asia.
Frequently Asked Questions
Q: Why did HSBC hire George Sun?
A: HSBC hired George Sun to lead its global debt markets business in Asia, citing his extensive experience in the region and the need to bolster its market position.
Q: What was the restructuring announced by HSBC last year?
A: HSBC announced that it would be combining its commercial banking and global banking businesses under the leadership of Georges Elhedery, with Patrick George taking on the helm of the markets business.
Q: What were the layoffs announced by BNP last year?
A: BNP Paribas announced the first round of layoffs in China investment banking in several years, cutting about 10 jobs due to a sluggish market for deals.
