HSBC Securities plans to make several additional hires for its fixed-income sales division to build on two recent high-profile additions. Pat McDonald, managing director and head of fixed-income sales for North America, says some of the new hires will replace people who left the firm last year, though some will be new positions. HSBC is shifting to a client-based strategy, in contrast to its earlier proprietary trading focus, he says.
The firm recently announced the hires of Craig Martone and Don Pruett, both managing directors reporting to McDonald. HSBC will add several salespeople across the various fixed-income product areas, and will be based in offices in New York, San Francisco and Chicago, McDonald says. He declined to name a specific number.
Last year, HSBC lost more than 10 senior employees, mostly in sales, and released John Griff, former president and ceo, and Ferdie Masucci, head of capital markets (BW, 8/11). Trading losses on its corporate bond desk were estimated at more than $45 million (BW, 5/5). McDonald declined to discuss last year's departures and reported trading losses.