An HSBC MD accepted a demotion for a better bank in Paris
It takes a degree of bad luck to be caught up in a restructuring that wipes out your department. And – while no one would blame you for it – finding a new job is an urgent priority. Even if it means taking a step back in your career.
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Edouard de Vitry joined Bank of America in Paris this month, as a managing director (MD) covering the Financial Institutions Group (FIG) in M&A in France.
He joined BofA from HSBC, where he spent 12 years across Paris, Brussels, Amsterdam and London, and where he was an MD covering FIG in France and Belgium, among others. At HSBC, he led HSBC’s FIG M&A efforts in the French speaking region.
De Vitry's new role looks like a demotion. Before joining HSBC, he spent 16 years at UBS, where he was, between 2008 and 2013, co-head (and at one point, sole head) of FIG for the entirety of the EMEA region. His departure was part of a high-level restructuring of the bank by Andrea Orcel, Reuters reported at the time.
HSBC has been restructuring too: the British bank announced plans to shut down its entire M&A presence in both Europe and the Americas last year, months after some talk about “thoughtful” job cuts.
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