HSBC Securities has lost two managing directors and corporate bond salesmen from its Boston office, as senior executives continue to depart the U.S. corporate bond group of the London-based bank. Jack McNeill and Kevin Kelly have left HSBC to open a Boston corporate bond sales office for FTN Financial, the investment-banking arm of First Tennessee Bank. Kelly says they made the move "for the opportunity," declining to elaborate. They will be senior v.p.s reporting to Brian Shapiro, New York branch manager at FTN Financial.
McNeill was at HSBC for three years, and has been a corporate bond salesman for 14 years, including a six-year stint at Lehman Brothers. Kelly worked at HSBC for over 17 years, and had managed the Boston office in the past. They reported to Pat McDonald, HSBC's head of U.S. fixed-income sales. He did not return calls.
HSBC has also lost Robert Miller, a senior analyst chiefly known for his coverage of the energy and paper and forest product sectors. Miller was scheduled to join CLCM Credit Management in London last Wednesday as a senior analyst covering a wide range of credits globally, says John Botti, head of CLCM Credit Management. Miller could not be reached. Robert Smalley, HSBC's head of corporate bond research, did not return calls.
HSBC has lost a number of senior employees from its corporate bond sales, trading and research operation in recent weeks (BW, 5/5). Earlier departures this year include at least two other salesmen who also joined FTN Financial: Ed Walsh and Bob Giannini.