A Rothschild director in London took a promotion at HSBC in the Middle East
HSBC may be shutting its investment banking teams in the US and Europe, but it's hiring in the Middle East.
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Paula Huo has joined HSBC as an MD in investment banking advisory, based in Riyadh, Saudi Arabia. She spent the last three years at Rothschild & Co where she was a director in energy and power, based in its London office. Before that, Huo spent eight years at Bank of America where she was a director in its natural resources team.
HSBC recently lost a few senior bankers in its Saudi. Head of ECM, Ramez Halazun, went to boutique bank PJT Partners in September. According to Dealogic's investment banking scorecard, HSBC was the fifth ranked bank for IPOs, and the highest performing bank not to be native to the Middle East.
Jobs in Saudi are likely to grow. Last month, rival UK bank Barclays announced plans to re-enter the region and build a regional middle-east headquarters in Riyadh. JPMorgan and Goldman Sachs have done the same following pressure from Saudi authorities.
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