: HSBC’s U.S. segment is hiring four Silicon Valley Bank vets
HSBC Holdings’ HSBC U.S. segment said it has hired four Silicon Valley Bank veterans to strengthen its focus on startups, tech, health care and life sciences. The four bankers will be led by David Sabow, who led technology and healthcare banking at SVB, which collapsed last month, and will “establish a dedicated banking practice focused on the innovation economy,” HSBC USA said in a statement. Michael Roberts, HSBC’s chief executive of the U.S. and Americas, said the hires would help “connect the innovation ecosystem” with HSBC’s international reach, and help support early-stage companies at “every phase of their growth.” The new practice will reside in HSBC’s US Commercial Banking business. HSBC said it had put together a team of more than 40 bankers — in the Bay Area, Boston and New York — as part of the move. The other Silicon Valley Bank veterans are Sunita Patel, SVB’s former chief business development officer; Katherine Andersen, its head of U.S. life science and healthcare; and Melissa Stepanis, the head of SVB’s national technology credit solutions organization. The hires follow HSBC’s acquisition of the SVB’s UK division. Shares of HSBC were unchanged after hours.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.