Tags: Bonuses, Compensation, Goldman Sachs, HSBC, Lloyd Blankfein, Warren Buffett
Tags: Bank of America, CDS, CIT, Citigroup, Credit Crunch, FDIC, Goldman Sachs, HSBC, Ken Lewis, Lehman Brothers, Merrill Lynch, Nouriel Roubini, PPIP, Prince Alwaleed, Retail sales, Sheila Bair, TARP
Tags: AIG, Autos, Bear Stearns, Bonuses, Citigroup, Compensation, Delphi, Fed, HSBC, Microsoft, NYSE, Politics, TARP, Taxes, Yahoo
Tags: Credit Crunch, Economy, HSBC, Music
Downsizing du jour:
HSBC’s attempt to become a predominant
player in mortgage trading and underwriting collapsed Wednesday when the bank
fired its 120-person department after the collapse of the mortgage market soured
the bank’s appetite for securitized products.An HSBC spokesman confirmed the closure of the department.
Shutting down HSBC’s securitization shop cost the British bank about $150
million, a much smaller crater than the one left by Japanese rival Nomura
Securities, which last month closed its U.S. mortgage desk and took a $621
million charge.Mortgage traders are predicting that Deutsche Bank and UBS will be the next big
banks to radically reduce the size of their mortgage trading and underwriting
shops
HSBC Bails Out Of Mortgage Trading – New York Post
Tags: HSBC, Revolving Door
Pink slips are on the way for 750 employees of HSBC’s Decision One mortgage unit as the bank announced on Friday that it would close it down and take a $945 in charges / writedowns….
Tags: Credit Crunch, HSBC, Revolving Door
- Morgan Stanley shifts focus to Europe
- Morgan Stanley hires ex-Lazard man
- Havens Adds Two Execs
- Cowen hires Lazard banker to lead stock offerings
- HSBC’s head of Asian ECM resigns
Tags: Hedge funds, HSBC, Lazard, Morgan Stanley
A former HSBC senior banker, who claims he was dismissed in 2004 because he was gay, lost his appeal of the the high profile £5 million suit that he had brought against the firm:
Peter Lewis, HSBC’s former global head of equities trading, brought a 5 million-pound ($9.8 million) lawsuit after he was fired in 2004 for allegedly sexually harassing a male colleague. The Employment Appeals Tribunal in London today ruled the openly gay banker wasn’t dismissed because of his sexual orientation, backing an earlier ruling.
The tribunal also overturned findings HSBC discriminated against Lewis during its initial investigation of the harassment complaint, saying the employment panel that first heard the case drew “unfair” conclusions that weren’t argued. That part of the claim will be sent to a new tribunal for a rehearing.
“HSBC has always maintained that Mr. Lewis was dismissed for gross misconduct following a complaint of sexual harassment made against him by another member of staff and for no other reason,” spokesman Pierre Goad said in a statement.
Ex-HSBC Banker Peter Lewis Loses Gay Bias Appeal – Bloomberg
Tags: Discrimination, HSBC, Lawsuit
The grinch is striking HSBC’s New York bond trading group. After reporting a decline in trading revenue, the firm is reportedly cutting about 20 bond trading positions just as the bonus season, that’s expected to set new records at many firms, gets underway:
Pierre Goad, a London-based spokesman for HSBC’s investment bank, confirmed there were dismissals. He wouldn’t provide details on the number of job losses or the positions. The cuts were out of a group of 130 worldwide in bonds in New York, Hong Kong and London, according to one of the people.
The departures included Patrick Haskell, a managing director and head of North American interest-rate sales and trading. Haskell joined in March 2005 from the U.S. unit of Credit Suisse Group. Haskell in an interview said he resigned and declined to comment further….
Tags: Bonuses, HSBC, Revolving Door
Remember Mimi Monica Wong, the 61 year old top Asia private banker at HSBC who had filed suit against her latin dance champion instructors over the return of the whopping multi-million dollar fees she paid them for lessons? She won.
Big payday: Stuart Gulliver, the 47 year old head of investment banking at HSBC, was given a package of about $56.2 million in HSBC stock making it likely that he’s the highest paid man at the bank and one of the best paid bankers in the UK. The bank made the disclosure due to Gulliver’s appointment as an executive director. Kind of makes last year’s £15 million pay and share package for Barclays’ Bob Diamond after he joined their board look downright lilliputian in comparison….
A case of ballroom buyer’s remorse?: Latin dancing is hot, hot, hot. More and more people these days are both watching it on tv and learning how to do it. Just look at the ratings of "Dancing With the Stars". And former Goldman employee Eugene Plotkin, accused of masterminding that insider trading ring, was a competitive ballroom dancer while in college at Harvard. Apparently, it’s also really serious business in Hong Kong. So serious that two years ago the 61 year old top Asia private banker at HSBC, Mimi Monica Wong, agreed to shell out the whopping sum of $15.4 million — around half of it up front — for eight years of unlimited private dancing lessons (over $5K a day!) from 15 time world Latin dance champion Gaynor Fairweather and her husband Mirko Saccani (pictured below). The lessons paid off, and Ms. Wong with Mr. Saccani as her parther, won the title of "Top Gold Lady" at the 2003 Emerald Ball Dancesport Championships. And then there was the falling out, where according to court documents, Mr. Sacco verbally abused her, including calling her a "lazy cow" and threatened her to with physical violence (his version is that it was "motivational" language). Now she’s suing the husband and wife team for the return of her $8 million prepayment. And still willing to fulfill the terms of their contract, they’re countersuing for the $7.4 million balance of what they’re owed….
Peter Lewis, who had filed a £5 million suit against HSBC alleging that he was fired because he was gay, has lost most of his case. The court ruled that the firing wasn’t motivated by his sexuality, but because HSBC had reached a "genuine and legitimate" conclusion that Lewis had committed a private sex act in the gym showers at HSBC’s headquarters….
Tags: Discrimination, HSBC, Lawsuit
Mireya D’Angelo, a well connected senior anti-money-laundering lawyer formerly with HSBC’s private bank, has sued the bank for discrimiation after being fired last August for alleged time and expenses violations….
Tags: Discrimination, HSBC, Lawsuit
Not wanting to leave anything to chance with an employer he didn’t trust, HSBC firee Peter Lewis secretly filmed his HSBC appeal hearing and has it all on a handy DVD.
Will HSBC be the ones caught with their knickers down?
Tags: Discrimination, HSBC, Lawsuit
The tribunal investigating HSBC and the case of the gay sacking visited the scene of the alleged crime, the HSBC fitness center changing room and shower. The Evening Standard noted yesterday that they might even be re-enacting the encounters between the plaintiff, Peter Lewis and the mystery staffer involved.
Brokeback Bankers…coming soon….to a website near you…
Tags: Discrimination, HSBC, Lawsuit
In a test of new UK laws prohibiting discrimination based on sexual orientation, a trial is expected to begin tomorrow that’s believed to be the first of its kind in the City. Peter Lewis, former global head of equity trading at HSBC earning £1 million a year, who claims that he was wrongfully dismissed last year because of the fact that he’s openly gay, is suing the bank for £5 million.
Tags: Discrimination, HSBC, Lawsuit
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