The last time we reported on HSBC hiring, the bank was bringing on hundreds in Asia, Latin America and the Middle East. Brazil and Mexico were also considered hot spots.
The U.S. doesn't figure largely into those expansion plans.
Of every dollar the bank earned for the first six months of 2010, 84 cents came from Europe and Asia. When it comes to the States, HSBC lost $22.8 billion in 2008 and 2009.
HSBC's fumblings in the U.S., the FT argues, means that the country just won't be an important component of the bank's success. Though the bank employs thousands here, the U.S. just hasn't been as profitable a place to operate as other places. Whether that minimized relevance will translate to less hiring remains to be seen. Now that Stuart Gulliver is set to take over, it will also bear watching whether the country attains any more importance.
The bank didn't respond to requests for comment before press time. (FT
Your Best Resume Assets (FINS)
When it comes to writing asset management
resumes, simpler is better, experts say. Make sure to stress your designations and de-emphasize your sales experience.
Asia Rising (Businessweek)
Another day, another story heralding the growing importance of Asia in high finance. Yesterday, Blackstone
appointed senior managing director Michael Chae to head the firm's buyout business in Asia. CEO Schwarzman said in a statement that Asia is becoming more central to the firm (join the club).
Bonus Extortion (Reuters)
Michel Barnier, the EU's financial services bigwig, doesn't think top talent will flee to Asia as a result of new EU bonus rules. In fact, the very mention of such a thing is tantamount to blackmail, he says. Sounds like someone's had enough of the bonus debate.
Jumping Ship (FINS)
CFO Peter Nachtwey is leaving the PE
giant. He'll take up the same position over at Legg Mason
and wants to attract best-in-class portfolio managers, he said in an interview.
Public Ire (Bloomberg)
Hang on, English citizens: Americans are becoming just as outraged as you are about bonuses. In a recent poll, 70% said they would ban big Wall Street bonuses. One of six said they'd impose a 50% tax on bonuses. Looks like Main Street isn't mollified after all.
Funeral Plans (DealBook)
Bernie Madoff announced through his lawyer that he would not attend the funeral of his son Mark, who committed suicide over the weekend. That brings the total amount of collateral damages to $64 billion in lost funds and one body. A tragedy on all counts.
Career Happiness (AOL Jobs)
Psychology Today lists ten careers that have been found to make people depressed. Financial advisors
come in at number 9. What do you think? Are FAs generally a sad bunch?
Places to Go (FINS)
2011 is just around the corner. Get a head start on your networking resolution and register for conferences where you can meet people in your field.
Potter Tales (Evening Standard)
It's not just schoolchildren around the globe swooning for Harry Potter and Co. -- RBS
has gotten in on the action. It threw a Harry Potter-themed party for 400 i-bankers and clients. We'd like to know whether anyone dressed up as Voldemort.
List of the Day: Hiring Patterns
Companies are gearing up to hire college students -- some more than others. Here's the regions most eager to bring on postgrads.
1. Great Lakes region: up 13% from last year.
2. Mid-Atlantic: up 10% from last year.
3. South Central: up 8% from last year.