HSBC Promotes Jean-Manuel Richier to Lead Continental European Investment Bank as Hubert Preschez Exits -- Financial News
April 26 2021 - 07:49AM
Dow Jones News
By Paul Clarke
Of Financial News
HSBC Holdings PLC has named a new head of investment banking for
continental Europe as veteran dealmaker Hubert Preschez has stepped
down from the U.K. 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
Frederic 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, U.K. and the
Middle East.
Mr. Richier will lead HSBC's investment-banking business in
continental Europe, with Mr. Coutant maintaining responsibility for
its corporate bank, the memo added.
Mr. Richier joined HSBC in 2013, and was promoted to chief
executive officer of its Swiss operations two years later. He was
previously co-head of investment banking for France at Citigroup
Inc. and has also led the financing group for Goldman Sachs Group
Inc. 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 & Co. executive, Lisa
McGeough, as head of global banking for Europe to replace Mr.
Henry, Financial News reported on April 22. 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 toward Asia, with Mr. 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 U.K. and
International Europe.
Website: www.fnlondon.com
(END) Dow Jones Newswires
April 26, 2021 08:34 ET (12:34 GMT)
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