HSBC's enthusiasm for making large hires from Citi remains unblemished
As we have written here before, quite a few senior people at HSBC have previously worked for Citi. It should come as no surprise, then, that the new man running the corporate and institutional banking business in EMEA and Europe, comes from Citi too.
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HSBC didn't respond to a request to comment for this article, but the bank announced last week that it has appointed Jason Rekate as head of banking for Europe and the Americas, subject to regulatory approval.
Rekate is coming from Citi, where he'd worked for 17 years and was latterly the global chair of corporate banking.
Michael Roberts, who now runs HSBC's corporate and investment bank, and who also spent decades as a corporate banker at Citi, said he was "delighted" to hire Rekate. Rekate, in turn, said he was "energized" by the opportunity.
Rekate appears to be filling the hole left by the departure of Gerry Keefe. Keefe also worked with Roberts in corporate banking at Citi and was also head of banking for Europe and the Americas at HSBC.
Roberts hired Keefe (from Citi) in 2021, but to the surprise of many at HSBC, Keefe resigned in April. He now works for Golub Capital, a credit asset management firm, instead.
Keefe was based in London with HSBC. It's not clear whether Rekate will migrate from New York.
The moves between Citi and HSBC are not all one way. Jaron Campbell, HSBC's head of corporate banking for international middle market and regions, escaped to Citi in August and is now global and north American head of network banking, a bigger job.
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