HSBC ropes in Barclays i-banker Misi Tang to boost Asia deals

A security guard stands next to a statue of a lion in front of the HSBC Holdings Plc headquarters in the Central district of Hong Kong, China, on Monday, June 27, 2016. Photographer: Anthony Kwan/Bloomberg

HSBC Holdings Plc has hired investment banker Misi Tang from rival Barclays Plc as the lender seeks to bolster its corporate banking business across Asia, according to people familiar with the matter.

Tang will join HSBC as managing director and head of its capital goods and autos coverage for Asia Pacific, the people said, asking not to be identified because the matter is private. She plans to start in December and will be based in Hong Kong, the people said.

At Barclays, Tang is a managing director in Hong Kong and head of industrials for China, according to her LinkedIn profile. She had been at the bank since 2010.

Representatives for HSBC and Barclays declined to comment. Tang didn’t immediately respond to request for comment through LinkedIn.

HSBC, which makes almost 90% of its profit in Asia and employs 240,000 people, embarked on its biggest overhaul in years after its third-quarter profit missed estimates. Global banking and markets, which houses HSBC’s investment bank, posted a 30% decline in pretax profit for the quarter to $1.24 billion.

The hiring of Tang would follow Jeremy Choy, who joined HSBC as head of technology mergers and acquisitions for Asia, Bloomberg News reported in June. Choy was previously with China Renaissance Holdings Ltd.