HSBC has hired Matthew Westerman from Goldman Sachs to help run its investment-banking business.

Bloomberg News reports that Westerman, who served as chairman of investment banking in Europe at Goldman Sachs, will join as co-head of global banking alongside Robin Phillips in the coming months, according to a memo to HSBC staff. 

In the meantime, Bloomberg also reports that Lazard, the largest independent investment bank, hired Citigroup’s Peter Orszag to advise on mergers and acquisitions.

Orszag, who was previously the director of the Office of Management and Budget in President Barack Obama’s administration, will be a managing director and vice chairman of investment banking, Lazard said Wednesday in a statement. Orszag will be based in New York and start in May.

HSBC Hires Goldman’s Westerman as Co-Head of Global Banking

Lazard Hires Citigroup’s Orszag for Mergers, Acquisitions