By Leila Abboud and Sophie Sassard
PARIS/LONDON, March 19 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
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 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
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.