HSBC hire

HSBC hires Francis to head metals and mining research

Simon Francis and two other metals and mining analysts from Samsung Securities are snapped up by HSBC after the brokerage closed most of its operations outside Korea earlier this year.
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Simon Francis becomes regional head of metals and mining research at HSBC</div>
<div style="text-align: left;"> Simon Francis becomes regional head of metals and mining research at HSBC</div>

HSBC has hired three analysts from Samsung Securities, including industry veteran Simon Francis, to expand its metals and mining research team, as the global bank seeks to develop its research coverage across high-growth sectors.

The appointments follow Samsung Securities' surprise decision earlier this year to shut down almost all of its investment banking and brokerage operations outside Korea, putting a stop to an aggressive expansion that had aimed to create a leading regional player in Asia.

Credit Suisse just a few weeks ago hired three research analysts from the former team at Samsung Securities in Hong Kong, including Viktor Shvets, who was head of research and chief strategist. At Credit Suisse he hasttaken on a newly created position as head of thematic equity research for Asia-Pacific.

Thomas Zhu

Francis, who has almost two decades of experience in the metals and mining sector in Asia, joins HSBC as head of metals and mining research for Asia-Pacific. At Samsung Securities, he built the metals and mining team in Hong Kong. Prior to that, he worked in a number of other financial institutions, including Nomura, Credit Suisse and Macquarie Securities, where he was highly ranked in key industry polls.

Two other analysts who joined Francis’ team as metal and mining analysts are Thomas Zhu and Chris Chen. Both covered the same sector at the Korean brokerage.

Chris Chen

“Metals and mining remains a key franchise for HSBC globally, and the expansion of the Asia franchise with these hires demonstrates our commitment to this important sector,” David May, head of equity research for Asia-Pacific, said in a Friday news release announcing the appointments.

The three analysts, who started their new roles in the week of March 12, will cover more than 50 companies in the Asia-Pacific region, and will work closely with their colleagues in Hong Kong, Mumbai and Beijing.

Like Samsung Securities, banks around the world are striving to cut costs in the continuously tough business environment, and HSBC is no exception.

As part of its global restructuring, HSBC said last year that it plans to cut 30,000 jobs worldwide over the next few years, although the bank will be hiring in Asia-Pacific in some specific areas.

¬ Haymarket Media Limited. All rights reserved.
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