If you have concerns about HSBC’s bonuses, you’re not alone. However, it seems that some worries might have been slightly off base.
Particularly, those in HSBC’s U.S. debt capital markets (DCM) unit seem to have enjoyed substantial bonuses last year. It’s worth noting that this increase in bonuses was, well, rather surprising.
When asked for comments, HSBC chose to remain silent on this display of generosity. A bank representative stated that, “As part of HSBC’s high performance culture, we are committed to attracting and retaining talented people and ensuring our employees receive competitive remuneration.”
According to data from the London Stock Exchange Group, HSBC’s DCM unit climbed from 12th to 10th place in the U.S. within the first two months of this year.
The U.S. DCM team has seen quite a few departures recently, with insiders estimating that over 30 employees have left. Just a week prior to the bonus announcement, HSBC let go of three U.S. DCM managing directors, each boasting nearly two decades of experience. Additionally, Jérôme Perret, who had a lengthy 27-year tenure as head of corporate and public sector DCM in France, also announced his departure today—after the bonus was revealed, though before receiving it. On the flip side, HSBC has also been bringing in new talent, like Jake Hartman, who came on board from Barclays in August as the head of FIG DCM.
Patrice Altonsey heads the U.S. DCM operations. She joined HSBC in 2021 during a significant reshuffle that saw former leaders, such as Robert Guernow, who had led DCM for nearly 20 years, leave the organization.
Altonsey began her career in mergers and acquisitions at Citi before transitioning to capital markets. She may not have been the favorite among some of HSBC’s long-standing DCM bankers in New York, but the recent salary increases could change perceptions.
This week, HSBC’s annual report indicated that the bank compensated 511 key risk-takers in its global investment banking division with an average payment of $1.4 million in 2025, including both salaries and bonuses.
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