- Nomura hired HSBC dealmaker Benjamin Moureaux to lead financial sponsors coverage in France, reporting to Je9rf4me Calvet and EMEA head Umberto Giacometti.
- Moureaux previously ran the same coverage at HSBC France and has worked at Credit Suisse and EY.
- The move capitalises on HSBCs wind-down of MA and ECM in the UK, Europe and the U.S. as it refocuses on Asia and the Middle East while keeping DCM and acquisition finance.
- Rival banks are also poaching senior HSBC bankers to capture sponsor-led deal flow and advisory market share in Europe.
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Nomura’s move to hire Benjamin Moureaux reflects a targeted effort to fill strategic gaps resulting from HSBC’s retrenchment from key investment banking segments in Western markets. As HSBC winds down its M&A and equity capital markets (ECM) business in the UK, Europe, and North America, rivals are seizing the opportunity to pick up experienced talent and expand market share in high-value sponsor-driven deal activity despite the broader slowdown in fees.
France represents a particularly competitive arena, with a large number of private equity and alternative investment firms active, creating strong demand for sponsor coverage. Nomura positioning itself with a proven leader such as Moureaux boosts its credibility and deal-sourcing potential. Reporting lines to both the head of France (Calvet) and EMEA financial sponsors (Giacometti) indicate that Nomura intends to integrate this function deeply into its pan-European strategy, not simply maintain a local presence.
The HSBC restructuring is a significant structural shift in global investment banking. Under Elhedery’s leadership, HSBC is prioritising a “financing-led” model focused on areas of strength, especially in Asia and the Middle East, and retaining debt capital markets and acquisition finance even as it exits much of its advisory and ECM business in the West. This opens the door for competitors to scoop up HSBC’s advisory mandates and client relationships in sectors like private equity, IPOs, and strategic M&A.
Strategic implications for firms in investment banking include: Nomura may now see accelerated growth in sponsor-led advisory fees in France; HSBC’s clients in Europe may seek new partners for M&A and equity capital markets transactions; rival banks will likely continue to invest in experienced dealmakers to capture vacated market share; and the competitive landscape may shift materially if HSBC’s footprint continues to shrink. Open questions remain around how HSBC will maintain its global brand and client relationships while exiting key IB operations, the financial cost of the restructuring (not yet fully disclosed), and whether Nomura can scale its hire into broader EMEA sponsor advisory strength to challenge incumbents domestically and regionally.
Supporting Notes
- Nomura has appointed Benjamin Moureaux, formerly HSBC’s head of financial sponsors coverage for France, as its new head for the same role in France. He will report to Jérôme Calvet (Nomura France chair) and Umberto Giacometti (head of financial sponsors for EMEA).
- Moureaux’s background includes senior roles at HSBC, Credit Suisse, and EY, indicating a strong track record across advisory and sponsorship coverage.
- HSBC has publicly committed to winding down its M&A and ECM businesses in the UK, Europe, and the U.S., prioritising Asia and the Middle East, as part of CEO Georges Elhedery’s reorganisation launched in late 2024.
- The wind-down excludes debt capital markets and leveraged acquisition finance, which HSBC intends to retain globally.
- Nomura’s hire is part of a sector-wide trend: banks such as BNP Paribas, Citigroup, Deutsche Bank, JPMorgan, Moelis, and RBC Capital Markets have hired senior dealmakers who formerly worked at HSBC.