Money

HSBC investment banking co-head leaving after less than 2 years

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H SBC’s joint global banking manager Matthew Westerman is leaving the lender less than two years after signing up with from Goldman Sachs.Mr Westerman was brought in to overhaul HSBC’s investment bank and quickly made his mark by cutting some top investors and revamping the division.The source confirmed Mr Westerman’s abrasive management style had actually clashed with HSBC’s culture. He is comprehended to be leaving by the end of this month. John Flint was named president of HSBC last month Credit: GIAN EHRENZELLER M r Westerman was co-head of worldwide banking with Robin Phillips, with both reporting to Samir Assaf, primary executiveof HSBC global banking for the previous seven years.Mr Phillips will

continue to run the unit after Mr Westerman’s departure.In an internal memo Mr Assaf thanked Mr Westerman for the”significant contribution he has actually made to re-shaping International Banking “. HSBC’s international banking division generated $2.9 bn of incomes over the very first nine months of this year, up 4pc on the previous year.M r Westerman specialises in corporate financing and is a former chairman of Goldman Sachs ‘European investment bank.

He has likewise held senior functions at Rothschild and Credit Suisse Very first Boston.HSBC has selected successors for its 2 top management roles this year,

with previous manager of Asian insurance provider AIA Mark Tucker beginning as chairman last month.Mr Tucker was the very first chairman to come from outside HSBC’s ranks since it was founded 152 years ago.Mr Flint’s consultation as primary executive was more in keeping

with tradition as he has actually spent his entire profession at the bank considering that joining its global management training plan in Hong Kong in 1989. He will take over from Mr Gulliver in February.Mr Westerman could not be grabbed comment.

Source

http://www.telegraph.co.uk/business/2017/11/23/hsbc-investment-banking-co-head-leaving-less-two-years/

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