JPMorgan is building a team to rival HSBC's revamped SVB UK
Now might actually be a good time to look for funding as an early stage company with an innovative USP. Despite Silicon Valley Bank's collapse, a number of other banks are making strong efforts to fill that gap. The two doing the most in Europe are HSBC and JPMorgan.
HSBC was the earliest to make advances, purchasing SVB's UK team for a singular pound back in March, and has just revealed its plan for the team. SVB has been rebranded as HSBC Innovation Banking, encompassing 700 people, predominantly in the UK and Scandinavia with additional smaller teams of 40 people or fewer in the US, Hong Kong and Israel.
JPMorgan is competing in the same space with its 'Innovation Economy Team.' Although it has strong roots in America, it's now pushing into Europe. This year, executive directors in both Munich and Paris have joined JPMorgan's Innovation Economy team. In Paris, Arthur Brunchschwig, a lead salesperson in treasury services joined in January; in Munich, Max Hauer, an MD in venture capital coverage from Unicredit, joined in April.
HSBC chief executive Noel Quinn said this week that the bank plans to "scale" its innovation banking team and will be willing to hire "as demand increases." However, the bank is yet to release any job listings for the innovation banking team. Its biggest hire from outside the bank so far is its chief risk officer, Patrick Moynihan. He was most recently group head of operational risk at Barclays.
Meanwhile, JPMorgan has begun hiring in Paris. Brunchschwig called his team "fast-growing" as he sent out a call for a VP in relationship management. There are 43 open roles related to the team, though they are predominantly based in the US. Elsewhere, the bank is hiring associates in London and Australia and an executive director in Shanghai.
Have a confidential story, tip, or comment you’d like to share? Contact: firstname.lastname@example.org in the first instance.
Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)