- June 9, 2021
- Posted by: Stratford Team
- Category: Markets
- HSBC has hired 8 traders for its US credit-trading division.
- That includes a lift-out of four corporate bond traders at Credit Suisse, including MD Chris Bathon.
- The spate of hires bolsters the division after a string of defections earlier this year.
- See more stories on Insider’s business page.
HSBC isn’t giving up on its US credit-trading business.
Amid a global restructuring to reorient its business to Asia, including tens of thousands of layoffs, the bank this year has lost a slew of traders, including at least 12 in its bond-trading group, sources told Insider.
But the firm hasn’t ceded its ambitions in the US, and rather than retrench HSBC has recently gone on a hiring spree to replenish its ranks.
Notably, the bank has hired a new head of investment-grade credit trading as part of a team lift-out from Credit Suisse, according to sources familiar with the matter. Christopher Bathon, a managing director and 11-year veteran on the firm’s investment-grade credit desk, has been hired as the new leader of high-grade credit trading in the US, and joining him in corporate bond trading, the sources said, are Christoper Schuville, Mike Malloy, and Marshall Peters.
HSBC confirmed the hires. Credit Suisse declined to comment.
The firm has also recently hired four traders for its emerging-markets credit desk, a source told Insider, including David Matty, a veteran trader most recently focused on Latin American junk bonds and distressed credit as a Morgan Stanley executive director; Marcela Nagib, also an ED from Morgan Stanley; Chris Staudt, a VP from Credit Suisse who previously spent a decade at Morgan Stanley; and Dan Boudreau, a director in Latin American credit trading from Citigroup.
Representatives at Morgan Stanley and Citigroup did not immediately respond to requests for comment.
“These hires reaffirm HSBC’s commitment to be a top-5 global debt financing house, and the critical role the US plays in achieving that goal,” Jason Henderson, HSBC head of markets and securities services in North America, told Insider in a statement.
This story is developing.