HSBC said to lose its long serving global head of TMT banking

First HSBC lost Kamal Jabre its global head of M&A to JPMorgan. Now it has also lost Dan Bailey, it's global head of telecoms media and telecommunications banking to an unknown entity.

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HSBC didn't respond to a request to comment, but multiple sources say Bailey left yesterday. He had been at the bank since 2013 after joining from Citi. It is entirely conceivable that Citi has hired him back again. 

Sources at HSBC said Bailey bailing out is a big deal. "He is a very credible telecommunications banker" said one. Bailey has advised on over €300bn of transactions in the TMT sector during his career. 

At one point, Bailey had a TMT co-head at HSBC in the form of Winston Cheng, who left in 2024 to join a client. 

Bailey's disappearance comes as HSBC is closing its ECM and M&A activities in the US and Europe. It's not clear whether HSBC would have found him a globally-focused role or whether it intended to let him go. There are unconfirmed reports that the bank made another round of investment bankers redundant yesterday.

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