| Topic Name: |
Free From HSBC |
| Message Name: |
Impressions from my experience |
| Date Posted: |
02/21/2006 |
| Message: |
Have recently submitted my resignation and am happy to finally leave and move to a proper investment bank. I can say that I agree with a lot of what Gales has said in his review. You may have noticed the fact that HSBC got involved on the Mittal potential deal to buy Arcelor, but wait, isn??t HSBC amongst 17 banks advising? Why yes, and this list includes Rabobank (Not really an M&A house). The main reason for HSBC??s involvement is because HSBC and some others can provide debt, so they may get some League Table credit in exchange. The other recently announced deal, that being E.ON??s acquisition of Endesa of Spain, is a good deal. If you read the Bloomberg article, I??d caveat the following: the new build out had nothing to do with this success! The Energy & Utilities team is NOT one of the sectors (Metals & Mining being the other one) built up since Studzinski started and was actually functioning by itself with some success well before. Three people came over from ML after two Directors left; one of which went to DB. Also, given how many banks got involved with the potential Gas Natural-Endesa deal there was a good opening for HSBC to get involved.
Recommendations for new grads/MBAs: not all banks are the same. The way they??re organised into teams and the experience, along with the degree of development you get as a grad and thereafter. Team structures, exposure to M&A exclusively vs. getting experience and a strong knowledge in related areas, like acquisition financing and leveraged finance. HSBC isn??t one I??d ever recommend and discouraged my brother and a friend from bothering and to focus their time and energy on applications to better banks for their summer programs and coming out of school.
By the way Gales, never noticed this but you??re right, when you click on HSBC, you get the following crumb trail:
HOME > Finance > Commercial Banking >
Rather than Investment Banking
THAT SAYS IT ALL!!!
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