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Credit Suisse LevFin MD in Hong Kong become a private banker, for some reason

If you’re a Credit Suisse Managing Director (MD) looking for a new job in Hong Kong these days, you could do worse than keeping your seniority and moving to an even bigger bank in the city. That depends, actually, on how different you want your new job to be.

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Colvin Luk joined HSBC earlier this week as an MD in its global private bank. Given that he was an MD at Credit Suisse before he left, that wouldn’t be particularly odd – except for the fact that Luk was an MD in Credit Suisse’s Leveraged Finance team. Not only that, but he was also co-head of the bank’s APAC Debt Capital Markets (DCM) and LevFin offering, and head of Chinese DCM before that.

Now he's in private banking instead.

Private banking may be new, but HSBC is, however, a bit of a homecoming for Luk, who spent 12 years in the bank’s DCM teams across Hong Kong, London, and Australia before joining Credit Suisse. He isn’t the only former Credit Suisse banker to have rejoined his old firm after CS’ toppling, however, with returnees at both Goldman Sachs and DBS.

Moving from investment banking to private banking isn’t unheard of by any stretch of the imagination although it isn’t as popular a career move as it used to be, mostly due to the ever-increasing compliance, investment, and trading rules around the sector specifically.

HSBC has been rumored to be selling its German private banking presence, as part of its focusing on core Asian markets. Although outgoing CEO Noel Quinn told Bloomberg that HSBC’s Hong Kong business wasn’t the focus of its growth efforts - that would be China, ASEAN, Singapore, and India – he still knighted HSBC’s business in the city as “really strong”. Maintaining that requires fresh blood.

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AUTHORZeno Toulon

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