HSBC promoted some managing directors, but there was confusion

It's June and HSBC has only just promoted its managing directors. A cursory look at the bank's history of MD promotions reveals that March is usually the month. 

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HSBC can be forgiven for delaying its promotions. The bank has had other things on its mind as it winds down M&A and ECM activities outside of Asia and the Middle East and fires a lot of equity researchers in London, while keeping research management. 

Despite the delay, insiders claim it's all been a bit chaotic. 

HSBC isn't commenting, but there are suggestions that the bank initially intended to announce its MD and director promotions at the standard time and that some individuals were verbally informed of their success months ago. 

As the restructuring took hold, though, insiders say the promotions were delayed indefinitely. Michael Roberts, HSBC's head of corporate and investment banking, was allegedly asked about the promotions in a town hall and promised they would happen in May. They did not. 

Now that the MD promotions have happened, HSBC insiders say there's still a lack of clarity about who's on the list. In normal years, a list is circulated. This year, multiple sources say they are discovering the promotions by looking at updates on LinkedIn.

Based on these updates, the promotions include some unexpected names. Ido Givon in the London financial sponsors group has been promoted, as has Ajay D’Souzam, a London infrastructure investment banker. This is despite the closure of all but debt capital markets activities in Europe, but may reflect HSBC's push into private credit. 

More predictably, Nour Safa, HSBC's head of MENA debt capital markets, is now an MD. More worryingly, perhaps, Thomas McKay, the global head of defaults and restructuring, is an MD now too.

HSBC insiders said that some of those told they were being promoted in February were not promoted after all. They also said that MDs promoted this June did not get their salaries backdated four months. Deutsche Bank has also used this latter tactic to good effect in the past.

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