HSBC hires ex-BNP banker Sun as head of debt markets for Asia

HSBC Holdings hired former BNP Paribas banker George Sun as head of global debt markets for Asia, attracting an outsider even as the bank undergoes a restructuring.

A spokeswoman for HSBC confirmed the hire. Sun starts with the bank on Mar 11 and will be based in Hong Kong. He was previously head of global markets for Greater China and deputy chief executive officer for China at French lender BNP.

HSBC last year announced it was combining its commercial banking and global banking businesses – as part of a major overhaul under new chief executive officer Georges Elhedery. The markets business, helmed by Patrick George, also comes under the new corporate and institutional banking unit.

BNP last year made a first round of layoffs in China investment banking since an expansion two years ago, cutting about 10 jobs amid a sluggish market for deals. The cuts affected about 10 per cent of the bank’s China-related headcount, one of the people said. The Paris-based firm received approval in April to build its securities operation on the mainland, re-entering the market after exiting a local joint venture 17 years ago.

A BNP spokesman declined to comment. BLOOMBERG

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