HSBC appoints Paras Jain from Cantor Fitzgerald to lead global TMT banking: Report

HSBC is strengthening its technology, media and telecommunications (TMT) investment banking business with the appointment of senior banker Paras Jain from Cantor Fitzgerald, according to people familiar with the matter.The London-based bank has appointed Jain as its global head of TMT, the sources said. He will be based in New York.Jain spent around six years at Cantor Fitzgerald, where he played a role in building the firm’s technology investment banking business. He is expected to join HSBC in November and will report to Jan Laubjerg, the bank’s global head of sectors coverage, according to the sources.HSBC and Cantor Fitzgerald declined to comment.Prior to joining Cantor Fitzgerald, Jain held technology banking positions at Macquarie Group and Morgan Stanley.His appointment comes as HSBC looks to use its approximately $3.4 trillion balance sheet to expand financing for the development of artificial intelligence infrastructure in the United States. The bank also aims to increase its presence in mergers and acquisitions and capital markets across the technology, media and telecom sectors in Asia and the Middle East, according to the reuters.According to Goldman Sachs, five major AI hyperscalers are expected to spend slightly more than $800 billion this year, with spending projected to rise to $1.1 trillion next year.Jain’s appointment follows HSBC’s decision in 2025 to wind down most of its M&A advisory and equity capital markets operations in the United States, Britain and Europe as part of a wider restructuring.The bank, however, retained financing businesses including debt capital markets, leveraged finance and infrastructure finance. HSBC said at the time that it was moving towards a financing-focused model centred on areas where it has greater scale and competitive advantages.You use AI every day. Now get your AI Quotient. Take the AIQ test.