Analyst duo ditch Espirito Santo for HSBC

Two Panmure Gordon analysts who were due to join Espirito Santo's Investment Bank last month have made a last-minute move to HSBC, according to four people familiar with the matter.

Graham Jones and Damian McNeela were hired by Espirito Santo's Investment Bank in July, as part of a bid to strengthen Espirito's coverage of the European consumer sector. They were due to start the new roles last month.
However, they have now agreed to join HSBC instead, according to four people familiar with the matter. Jones is already a former HSBC alumni, having been the bank's head of European food produce before he joined Panmure Gordon in 2004.

The pair, who between them have over 30 years experience in the consumer sector, will join HSBC as equity analysts by the end of this year, according to one person close to the matter.
Neither Jones or McNeela could be reached for comment.
Espirito Santo's Investment Bank, which is headquartered in London and owned by Portuguese financial group Banco Espírito Santo, is currently in talks over a possible sale or joint venture, two officials at the bank told Financial News last week. The move followed the bank's decision to close its Hong Kong office.