HSBC severs broking ties with Goldman Sachs

Written by Oliver Wade
04/06/2019

Europe’s largest lender, HSBC, has announced it will bring an end to its corporate broking relationship with Goldman Sachs, putting an end to the pair’s long relationship.

HSBC Holdings informed Goldman Sachs that it will not play a role in the future of its broking line-up after the bank’s new CFO Ewen Stevenson conducted a review, Sky News reported yesterday.

HSBC’s join corporate brokers have been Credit Suisse and Goldman Sachs since 2011, with the latter steering HSBC through its £12.5bn rights issue in 2009 – the largest capital-raising in UK market history and of the biggest raisings by a financial institution after 2008’s financial crash.

Sky News stated that it was unclear on Monday whether HSBS would also be cutting ties with Credit Suisse. However, this decision is likely to be made more fraught as Stevenson was employed by the Swiss bank for a number of years.

The FTSE 100 corporate broking market is dominated by just a handful of investment banks, including Goldman Sachs and JP Morgan Cazenove.

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