HSBC Securities lost the last senior member of its capital markets origination desk last week when Usman Ghani left the firm to join Bob Post, his former boss at Bear Stearns, in the financial institutions group of the capital markets division. He had been with HSBC over five years and declined comment on the reason for his departure. As of last Wednesday, the only remaining person on the HSBC origination desk was Hugo Moore, an associate, who is roughly two years out of college.
Chester Luy, an investment-grade manufacturing analyst, has left the firm in New York to join Barclays Capital as a director. Several senior officials have left the corporate bond group recently (BW, 5/6). Luy reports to Mark Pibl, Barclays' U.S. head of corporate bond research. Pibl says the hire is the latest move to beef up Barclays' investment-grade research effort.
Luy was a runner up last year on the Institutional Investor All-America Fixed-Income Research Team. He placed third in 2000, when he was at Chase Securities. Other II-ranked analysts Pibl brought in are ex-Deutsche Bank veterans Mark Girolamo (BW, 3/7) who covers financial institutions, and Kevin Roach, a utilities analyst (BW, 8/19). Pibl says he will look to hire a corporate bond strategist later this year or early next year.
At HSBC, Luy reported to Robert Smalley, head of corporate bond research. Smalley says the firm will seek a replacement.