Household HSBC Watch

Proof that more bankers wish to distance themselves from HSBC, HSBC Finance Corporation, and allegations of predatory lending is apparent. As fewer banking professionals wish to associated with HSBC and sub-prime loans competitors hired HSBC top brass.

JP Morgan hired George Foussianes, who was head of Americas global banking for HSBC and oversaw investment banking, corporate banking, leveraged finance and private equity. Foussianes will join JP Morgan’s financial sponsors group as a managing director, reporting to John Coyle, head of the group.

Since the departure of charismatic investment banking leader John Studzinski who went to Blackstone Group, HSBC has decided to back away from his ambitious growth targets in the advisory business.

HSBC was struck a serious blow when Michael Smith, the veteran head of its Asian operations, quit, joining one of Australia’s foremost lenders. Mr. Smith who has spent almost 30 years with the HSBC resigned yesterday to become chief executive of Australia & New Zealand Banking Group which is based in Melbourne.