HSBC hires former Barclays MD to focus on emerging markets

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HSBC has hired Barclays’ former head of emerging markets macro trading to help turn around the U.K. bank’s own EM business. Anthony DeMartino started as a managing director with HSBC in New York in June.

DeMartino held a multitude of roles over his six years working at Barclays. He was the head of US agency and SSA trading before adding the responsibilities of LATAM and GSE/covered bond trading two years later. DeMartino was made a managing director at Barclays in 2015 when he became the head of European and Americas emerging markets rates trading, according to LinkedIn. Barclays named him the head of emerging markets macro trading in 2017. DeMartino left the firm in March of this year. He spent 11 years as a trader at UBS before joining Barclays.

HSBC’s new management team led by chairman Mark Tucker and CEO John Flint is expected to prioritize the bank’s stable insurance and asset management businesses, particularly in Asia. Still, Flint told investors earlier this month that he plans to target growth in the Americas as well, providing a 2020 return on equity target for its U.S. unit that’s six times that of last year.

Our most recent compensation survey found that HSBC bankers are generally pleased with their pay. Only two banks finished with higher approval ratings. Ironically, one of the banks was Barclays. HSBC didn’t respond to a request on the specific details of DeMartino’s role with the firm.

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