HSBC, Europe’s largest lender, is set to appoint Morgan Stanley as one of two joint corporate brokers to replace Goldman Sachs.
Morgan Stanley will join Credit Suisse as one of HSBC’s brokers, after the lender severed ties with Goldman Sachs following a review by the bank’s newly appointed chief financial officer Ewen Stevenson, Sky News reported.
HSBC had used Goldman Sachs and Credit Suisse as joint corporate brokers since 2011, though it is unclear whether the bank will cut ties with the Swiss lender following the review.
Despite losing HSBC as a client, Goldman Sachs remained sixth among stockbrokers in the FTSE 100 with 14 clients, latest data from Adviser Rankings for the second quarter revealed.
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