Signalling its intention to take its M&A business global, Blackstone Group announced yesterday that it had hired away mergers vet John Studzinski from HSBC, which has been struggling a bit itself. The 49-year old London banker is said to have been increasingly at odds with his former co-head of investment banking, Stuart Gulliver. Blackstone is betting that its pure advisory business, unfettered by banking or reserach conflicts, will prove an attractive choice for corporate bigwigs looking for strategic advice.
Top HSBC Banker Jumps to Blackstone [NY Times]
How is this HSBC’s loss again? Studs was hired to make the big Brit a mini-Morgan Stanley. He hired away his old buds on massive multi-year guarantees, and what happened....pretty much nothing. HSBC IB is still a joke.
I wouldn;t be surprised if he was pushed out for non-performance.
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