HSBC Adds ‘Dozens’ of Former Silicon Valley Bank Employees to US Division

According to Reuters, David Sabow, the former head of technology and healthcare in North America for Silicon Valley Bank, is leading a team of “dozens” of former Silicon Valley Bank employees in joining HSBC’s U.S. division. Reuters further reported that Sunita Patel, Katherine Andersen and Melissa Stepanis are also among the group of former Silicon Valley Bank employees joining HSBC.

Sabow worked for Silicon Valley Bank for nearly 11 years prior to its breakdown in March. He also has previous experience at Canaccord Genuity and U.S. Bank.

Patel was previously the chief business development officer for Silicon Valley Bank following a 23-year career with Comerica Bank. According to Reuters, Patel “will oversee investor coverage and business development for [the] technology and healthcare market.”

Before Silicon Valley Bank crashed, Andersen was with the bank for eight years as head of U.S. life science and healthcare relationship and corporate banking. Andersen is also a former Wells Fargo and GE Capital employee. According to Reuters, Anderson “will lead life sciences and healthcare” for HSBC’s U.S. division.

Reuters also reported that Stepanis “will oversee technology” with HSBC. Stepanis previously spent 27 years with Silicon Valley Bank, including the last two and a half years as head of technology credit solutions.

In semi-related news, last month, following Silicon Valley Bank’s demise, HSBC’s UK banking business acquired Silicon Valley Bank UK.

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