People News: HSBC, ICBC

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HSBC’s vice-chairman of global banking and markets Spencer Lake is leaving the firm after being sidelined in a reorganization of the investment bank earlier this year.

Bloomberg News reports that Lake leaves the bank after 10 years including stints as co-head of global markets and head of capital financing at the bank, according to a memo to staff seen by Bloomberg News. He was moved to a vice-chairman position overseeing China and RMB internationalisation, infrastructure, and sustainable financing after Matthew Westerman joined from Goldman Sachs and HSBC’s capital financing operations merged with the banking business in February.

In the meantime, Reuters reports that ICBC Standard Bank has hired former Bank of America Merrill Lynch banker Mon Ullah as head of equity financing as part of its plans to beef up its investment banking capabilities in Europe, according to a source familiar with the matter.

A spokeswoman for ICBC confirmed the move, which follows the appointment at the end of August of former Credit Suisse banker Vikram Khanna as head of advisory to oversee the development of the bank's mergers and acquisitions, equity capital markets and debt advisory businesses.

HSBC Banking Vice Chairman Spencer Lake Leaves Firm After Decade

MOVES-ICBC Standard Bank hires Mon Ullah as head of equity financing

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