Citi hired HSBC's "best banker in world" as researchers wait to learn their fates

Two days ago, we revealed that Ed Sankey was the new head of global equity capital markets (ECM) at HSBC. Now, Financial News says that's old news: Sankey is joining Citi, where he'll have the smaller-sounding title of EMEA head of ECM instead. 

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It's not a good look for HSBC, which is closing its ECM businesses in the UK, Europe and Asia, but keeping them in the Middle East and Asia. As the all-new head of the "global" business, Sankey would have managed that rump. It doesn't seem to have appealed.

Instead, Sankey is joining Vis Raghavan and Achintya Mangla at Citi. Citi was so keen to have Sankey that it shunted its incumbent EMEA head of ECM (Valery Barrier) into a new role where Barrier will still be "important" and advising clients, but in a new and undefined way. 

Sankey is not just a good banker. One former colleague at HSBC says he is "is one of the best ECM bankers in the world." Sankey joined HSBC from Deutsche Bank in 2019 and helped nudge HSBC up the ECM league tables. In the first quarter of 2025, Citi ranked 6th and HSBC ranked 7th for EMEA ECM, says Dealogic. 

Sankey's arrival at Citi presumably means the bank won't be hiring Aloke Gupte, JPMorgan's co-head of equity capital markets for EMEA and APAC, after all. It's not certain that Gupte was ever a candidate for the Citi job, but there were strong rumours to this effect a few months ago. Citi sources say the bank interviewed heavily across the market for the EMEA ECM role after the departure of Suneel Hargunani, the co-head of EMEA ECM with Barrier in November.  "Many of the existing Citi seniors weren't impressed with the people they met," says one insider. Then Sankey became available; they jumped. 

Sankey's defection from HSBC comes as the bank's equity researchers are still waiting for their ominous telephone calls tomorrow. As we reported earlier this week, the bank's London equity researchers have been told to work from home in order to receive the calls. There are suggestions that up to two thirds of the team could be cut. HSBC is saying nothing.

One HSBC equity capital markets MD who worked with Sankey says no one is surprised that he's gone. "He's a proper banker and they've eviscerated the business. Most of his clients are in Europe and they've committed an act of self-harm here." 

In the absence of European ECM, there are questions whether any European equity researchers will be necessary at HSBC. "Research is loss making without investment banking," observes the ECM MD there. 

As the clock ticks, one European equity researcher at HSBC says people are trying to stay upbeat. "We'll have a 1-on-1 zoom meeting at the end of this week to explain the new strategy (whatever it may be and however it fits with the people they need)," he says. "Not long to go now," reflects a colleague.

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