HSBC’s global banking division’s joint boss will leave the bank within the next week after less than two years with the British banking giant.
The co-head of global banking and a group general manager, Matthew Westerman, will leave the company after attaining a reputation for a hard-driving management style.
Westerman joined HSBC from Goldman Sachs, a US investment bank, where he had previously worked for over 15 years, rising to chairman of Europe’s investment banking.
When Westerman joined HSBC, the firm was trying to gain market share from European rivals whose performance had weakened. However, media reports had earlier revealed qualms within HSBC with the scale of job cuts carried out by Westerman as he attempted to increase collaboration between divisions.
The shake-up at the top of the firm comes just more than a month after the bank appointed John Flint as the company’s new chief executive and less than two months after Mark Tucker, the new chairman took up his role.
In an internal announcement, the chief executive of the global banking and markets divisions of the bank, Samir Assaf, thanked Westerman for his “significant contribution” and said that he had helped “drive improved financial and market share performance and reinvigorated our approach to collaboration in global banking and markets.”