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HSBC hires ex-Citi banker in specialist push - sources

Company logos of HSBC are displayed at the entrance and inside one of its branches in Hong Kong March 4, 2013. REUTERS/Bobby Yip
Company logos of HSBC are displayed at the entrance and inside one of its branches in Hong Kong March 4, 2013. REUTERS/Bobby Yip

By Leila Abboud and Sophie Sassard

PARIS/LONDON (Reuters) - HSBC , Europe's biggest bank, has hired former Citi banker Daniel Bailey to lead its global telecom, media and technology (TMT) team, two people with direct knowledge of the matter said on Tuesday.

He is the latest in a series of high-profile hires by HBSC in the past few months as rivals have stepped up job cuts at their investment banking businesses.

Bailey had been in the same role at Citigroup since 2006 and left as part of cost cuts the U.S. bank is making in response to the weak economic climate and due to tougher regulation.

Bailey worked on a number of M&A transactions in TMT and other sectors over 17 years, including Mannesmann's $33bn acquisition of Orange in 1999 and Vodafone's $11bn acquisition of a 67 percent stake in Hutchison Essar in 2007.

He will start at HSBC in April, one of the people said.

Both HSBC and Bailey declined to comment.

In January, HSBC recruited Nomura's <9716.T> William Barter as head of UK global banking in March in a newly created position. Barter worked on the Xstrata/Glencore deal, the biggest takeover of 2012, after joining Nomura in August 2009 from Citigroup, where he was managing director in the UK investment banking team from 2007 to 2009.

This month, the bank also hired Herman Deetman as head of utilities for Europe, Middle East and Africa (EMEA) from Deutsche Bank . Deetman, a well-respected dealmaker among his peers, advised blue chip companies such as Centrica and Germany's RWE .

In September last year, HSBC added five bankers to its Asia Pacific natural resources team, with hires from UBS, Australian bank Macquarie , RBS and local private equity firm Actis.

A month later, it hired Paul Connolly from Macquarie as head of oil and gas for EMEA.

HSBC is in the last year of a three-year restructuring in which is has cut more than 30,000 jobs.

(Reporting by Leila Abboud and Sophie Sassard; Editing by Anjuli Davies and Charlotte Cooper)