HSBC has hired 8 traders for its credit division including a team lift-out from from Credit Suissecircling the wagons after a wave of defections

<p><img src="https://static3.businessinsider.com/image/54da15f76da811b607f5f32a-2400/hsbc-17.jpg" border="0" alt="hsbc" data-mce-source="Remy de la Mauviniere/AP" data-mce-caption="The logo of British bank HSBC is visible on the facade of HSBC France headquarters on the Champs Elysees in Paris, Monday Feb. 9, 2015. "></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><p>HSBC isn't giving up on its US credit-trading business.&nbsp;</p><p>Amid a global restructuring to reorient its business to Asia, including tens of thousands of layoffs, the bank this year has lost a slew of traders, including at least 12 in its bond-trading group, sources told Insider.&nbsp;</p><p>But the firm hasn't ceded its ambitions in the US, and rather than retrench HSBC has recently gone on a hiring spree to replenish its ranks.</p><p>Notably, the bank has hired a new head of investment-grade credit trading as part of a team lift-out from Credit Suisse, according to sources familiar with the matter. Christopher Bathon, a managing director and 11-year veteran on the firm's investment-grade credit desk, has been hired as the new leader of high-grade credit trading in the US, and joining him in corporate bond trading, the sources said, are Christoper Schuville, Mike Malloy, and Marshall Peters.&nbsp;</p><p>HSBC confirmed the hires. Credit Suisse declined to comment.&nbsp;</p><p>The firm has also recently hired four traders for its emerging-markets credit desk, a source told Insider, including David Matty, a veteran trader most recently focused on Latin American junk bonds and distressed credit as a Morgan Stanley executive director; Marcela Nagib, also an ED from Morgan Stanley; Chris Staudt, a VP from Credit Suisse who previously spent a decade at Morgan Stanley; and Dan Boudreau, a director in Latin American credit trading from Citigroup.&nbsp;</p><p>Representatives at Morgan Stanley and Citigroup did not immediately respond to requests for comment.</p><p>"These hires reaffirm HSBC's commitment to be a top-5 global debt financing house, and the critical role the US plays in achieving that goal," Jason Henderson, HSBC head of markets and securities services in North America, told Insider in a statement.&nbsp;</p><p>Even as HSBC embarked on a global restructruring in early 2020 that targeted 35,000 in job cuts and $4.2 in cost reductions, the firm last year produced strong trading results, with markets revenues climbing 27%.</p><p>But the firm cut its bonus pool for banking and markets 15%,&nbsp;</p><p><em>This story is developing.</em></p><p><a href="https://www.businessinsider.com/hsbc-hires-8-credit-traders-team-credit-suisse-chris-bathon-2021-6#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/bpa-plastic-containers-bad-health-risks-obesity-heart-disease-diabetes-2019-2">Why I'm throwing away every plastic thing in my kitchen ASAP</a></p>
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