HSBC Head of Iberian Capital Finance Rivas Said to Leave Bank

  • Borja Rivas on leave amid bank’s corporate reshuffle
  • Banker had joined HSBC’s Madrid office last year from UBS

HSBC Holdings Plc’s head of capital financing for Iberia, Borja Rivas, is leaving after less than a year following a restructuring of its investment bank, according to three people with knowledge of the matter.

Rivas, who joined from UBS Group AG, is currently on leave after the capital-financing team was combined with global banking, said one of the people, who asked not to be identified because the matter is private. Rivas, who previously also worked at JPMorgan Chase & Co., declined to comment when reached by phone.

The merger of the two departments occurred after the London-based bank restructured its investment-banking unit in June, following the hiring of Matthew Westerman amid a push to cut costs. The reshuffling included an array of promotions, spanning from Latin America to Asia. In Spain, Borja Azpilicueta moved to London from Madrid to co-head advisory for Europe, the Middle East and Africa.

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