HSBC has dismissed the prospect of launching a huge recruitment drive in corporate finance and mergers and acquisitions (M&A) after the surprise appointment last week of John Studzinski as co-head of its corporate, investment banking and markets (CIBM) division.

The hire of Studzinski, a 23-year veteran of Morgan Stanley who helped establish the bank in Europe, had been seen as a trigger for HSBC to significantly increase its resources in its corporate finance business.