HSBC has hired ex-Lazard banker Matteo Canonaco to start building advisory relationships with leading private equity houses and other financial sponsors, as the bank continues efforts to build a significant M&A advisory practice.

John Studzinski, co-head of global corporate, investment banking and markets at HSBC since June last year, has been firing and hiring in an effort to remodel the bank's corporate finance business. Moving HSBC into financial sponsors advisory work follows the spinning off the bank's private equity business last year. HSBC retained a 20% in Montague.