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Tuesday, April 16, 2024

HSBC hires Hong from Evercore for Singapore deals role

HSBC Holdings Plc has chosen Alex Hong from Evercore Inc to lead its dealmaking efforts in Singapore. Hong, a nearly decade-long Evercore veteran, will commence his role at HSBC in September under the leadership of Sandeep Pahwa, head of investment banking for South and Southeast Asia.

Before joining Evercore, Hong contributed his expertise to Greenhill & Co in Australia and even dedicated a year to teaching accounting and finance at the University of Western Australia.

As global dealmaking faced a downturn, several Wall Street firms downsized their investment banking operations, causing job cuts. The government-mediated takeover of Credit Suisse by UBS Group AG also led to multiple departures.

Amidst this, Deutsche Bank AG and Jefferies Financial Group Inc capitalized by expanding their presence in Asia through substantial hiring.

HSBC, too, has been fortifying its presence in pivotal markets, with Pahwa confirming the bank’s expansion strategy. In Singapore, HSBC established a new headquarters in November, as CEO Noel Quinn emphasized the city-state’s critical importance for the largest bank in Europe.

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