A newly promoted HSBC equities MD is leaving before Christmas
It's the time of year when most people don't change jobs - at least not voluntarily. Nonetheless, HSBC's EMEA head of cash equities distribution is leaving the bank
It's not clear whether Rod Turnbull is leaving HSBC of his own volition or not, but we understand that he has definitely disappeared. Turnbull's LinkedIn profile shows him leaving the bank after 16 and a half years this December.
After a 22-year career in equity sales, Turnbull appears to have decided to do something else instead. He's now becoming a 'Leader, Coach, Investor, Business Advisor,' following on from not only on his experience in equity sales, but his history as an officer in the Royal Marines.
HSBC spent the early months of this year pruning its equities sales and trading business after cutting around 100 jobs in 2020. Equities sales and trading jobs have also been shifted out of London and into Hong Kong and Paris. HSBC wants to cut $4.5bn of costs by 2022, but had only cut $2.6bn when it reported its third quarter results, so it still has a long way to go.
Turnbull's exit seems surprising in light of his apparent success. After 16 years at HSBC, he was promoted to managing director in February 2021. He's leaving less than a year later.
Revenues in HSBC's equities business increased 54% year-on-year in the third quarter. However, this may not be thanks to EMEA. - HSBC's equities sales and trading business has had a particularly excellent year in Hong Kong.
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