HSBC hires Cantor's Paras Jain to lead global TMT banking
HSBC•HSBC hired Paras Jain from Cantor Fitzgerald as its global head of technology, media and telecommunications banking, with Jain expected to start in November in New York. The bank is seeking to expand financing tied to U.S. AI infrastructure and grow its TMT market share in Asia and the Middle East.
1. Senior banking hire
HSBC hired Jain to lead its global TMT banking business, people familiar with the matter said. He is expected to start in November, will be based in New York and will report to Jan Laubjerg, the bank's global head of sectors coverage.
2. Expansion and restructuring
Jain spent about six years at Cantor Fitzgerald, where he helped build its technology investment banking group. HSBC is seeking to use its roughly $3.4 trillion balance sheet to support financing for U.S. AI infrastructure and expand its TMT M&A and capital-markets share in Asia and the Middle East. The hire follows HSBC's 2025 decision to wind down most U.S., British and European M&A advisory and equity capital-markets businesses while retaining financing businesses.
3. AI spending outlook
Five AI hyperscalers are expected to spend just over $800 billion this year, rising to $1.1 trillion next year, Goldman Sachs said.
