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The Goldman Sachs veteran brought in to boost HSBC’s global markets business is leaving the bank after less than two years.
Matthew Westerman, co-head of HSBC’s global banking division, is stepping down by the end of the month, HSBC told staff on Thursday morning. A report on Bloomberg first signaled the news earlier on Thursday.
Mr Westerman was known internally for his ultra demanding work ethic and abrasive style. A number of senior bankers have left HSBC since he took over.
Some had speculated that Westerman was being groomed as a potential successor for CEO Stuart Gulliver, but that job was given to retail bank head John Flint last month. One person familiar with the situation said that Mr Westerman’s departure did not relate to succession.
In the memo, HSBC’s investment bank boss Samir Assaf thanked Mr Westerman for the “significant contribution he has made to re-shaping Global Banking”. Mr Westerman’s co-head, Robin Phillips, will now be sole head of the division.