Exits from HSBC's DCM team in London, post bonuses

HSBC has paid its bonuses for 2025 and the sands are shifting as the money is banked. We understand that at least one senior person in the London DCM team has gone on her way, possibly accompanied by another.

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Elena Farrell, a managing director (MD) in SSA origination at the bank is understood to have resigned for personal reasons. Farrell spent a decade at the bank after joining from RBC Capital Markets. Her last day was yesterday.

It's understood that Dennis Surgrue, an MD in the London capital solutions team has also tended his resignation after joining HSBC from S&P Global just over two years ago.

HSBC declined to comment. 

Farrell is thought to have returned from maternity leave in recent months. Last year, HSBC cut two members of the DCM team in March, including Farnam Bidgoli, its head of global ESG Solutions, who was on maternity leave at the time. Bidgoli is now on the FCA's sustainable finance committee. 

Hugo Moore, a veteran HSBC FIG DCM banker left shortly before bonuses. Bloomberg reported that HSBC cut 10% of its US DCM team in early February, which was shortly before bonuses were announced.

HSBC paid its material risk takers an average of $1.4m each last year. This generosity came as a pleasant surprise to some.

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