HSBC's DCM people are slipping away before bonuses are paid

Nearly one year has passed since a bomb went off in the blessed existences of HSBC's investment bankers, who were allegedly being paid seven figures to do not much at all. On January 28th 2025, the bank disclosed its intention of closing its M&A and ECM businesses outside of Asia and the Middle East. 

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12 months later, HSBC remaining bankers are looking forward to this year's bonuses with a mix of anticipation and trepidation. Before bonuses are paid, though, some are leaving.

HSBC isn't commenting, but the exits are understood to include people at the highest and the lowest levels. 

At the highest level, we understand - for example - that Hugo Moore, an HSBC veteran and an MD in the financial institutions group's debt capital markets (DCM) origination team at the bank in London, has quietly exited. Moore didn't respond to a request to comment, but the FCA Register shows him leaving on January 2nd after an HSBC career that lasted over two decades.

At a more junior level, we understand that a female junior on the HSBC syndicate desk is also leaving, despite joining relatively recently and relocating for the role. She didn't respond to a request to comment on this article. 

HSBC announces its bonuses in February. Last year, it fired hundreds of people in the investment bank and let many of them go on bonus day itself, without annual payments. 

This year, HSBC insiders say the approach of bonus day is causing angst. "There's a lot of anxiety about compensation and the bonus pool," says one insider. "When you make people redundant close to compensation day it sends a bad signal," he adds. 

Last year, HSBC let go of many people without pay, while retaining others to work on projects. Insiders say there were complaints about "inconsistency" as a result. "Some people were let go without bonuses. Others were paid project completion fees and it didn't seem very fair." 

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