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HSBC hires ex-SVB bankers to focus on US ‘innovation economy’

Following the collapse of Silicon Valley Bank (SVB) in March, HSBC is now hiring around 40 ex-SVB bankers to establish a new unit targeting tech, healthcare, and VC funds in the US.

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HSBC hires ex-SVB bankers to focus on US ‘innovation economy’

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

In a statement released by HSBC on Tuesday, the bank’s US and America’s chief executive, Michael Roberts, stated: “As we look to grow our business, this offering allows us to connect the innovation ecosystem with the size, strength, and international network of HSBC.”

The team will be based in San Francisco, Boston and New York, and led by David Sabow, ex-head of tech and healthcare banking at SVB. Sunita Patel, Katherine Anderson and Melissa Stephanis will also be transferring to the new unit.

In a LinkedIn post, Sabow stated: “Over the last ten years at SVB I have had a front row seat to the importance of people and culture on a business. I saw this pattern play out repeatedly with our clients, and I experienced it every day I came to work. Today I am thrilled to share that I have joined HSBC to lead their Technology & Healthcare business and am so fortunate to be joined by 40+ of my former colleagues. We are bringing the same sector insight and radical customer centricity that made SVB so special, and marrying this with a fortress balance sheet, venture debt, and sophisticated global product capabilities.”

HSBC purchased SVB’s UK arm following the collapse earlier this year, and the recent hires suggest HSBC is making an increased effort to snap up venture capital and start-up clients which may have been impacted by SVB’s collapse.

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Comments: (2)

Michael Rada HUMAN at IBCSD LAB s.r.o,

t does not happen so frequently, maybe a few times in the life of everyone, that one message does not deliver questions only, but the ultimate answer. Bank in trouble HSBC hires bankrupt bank bankers Silicon Valley Bank who through INNOVATION ECONOMY turn a dream into a nightmare.

A Finextra member 

SVB UK Ltd, which was a wholly-owned subsidiary of SVB, was acquired by HSBC for 1 British pound. What is not well-understood in the general financial community is that SVB UK Ltd had virtually no in-house technology, so a deal was brokered between HSBC and the FDIC, so that SVB (in the US) would continue to provide technology services to SVB UK Ltd. So, SVB personnel have been assisting SVB UK (and therefore HSBC) for the last 5 weeks, working very hard to open up SVB UK for business, to support our former colleagues. While this has been going on, HSBC has poached / hired 40+ SVB US employees over the past week. HSBC's behavior has been about as unethical as you can get, in my opinion.

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