HSBC global banking boss leaves within two years of joining

HSBC Canary Wharf close-up

The joint boss of HSBC's global banking division will leave the bank within the next week after less than two years with the firm.

Matthew Westerman, co-head of global banking and a group general manager, will leave the British banking giant after gaining a reputation for a hard-driving management style.

Westerman joined HSBC from US investment bank Goldman Sachs, where he had previously worked for more than 15 years, rising to chairman of investment banking in Europe.

Read more: Threat to City as 20 big banks including HSBC support new clearing bid

When he joined HSBC the firm was attempting to gain market share from European rivals whose performance had waned. However, media reports had previously shown qualms within HSBC with the scale of job cuts carried out by Westerman as he tried to increase collaboration between divisions.

The shake-up at the top of HSBC comes just over a month after the bank appointed John Flint as its new chief executive and less than two months after new chairman Mark Tucker took up his role.

In an internal announcement Samir Assaf, the chief executive of the bank's global banking and markets divisions, thanked him for his "significant contribution" and said he had helped "drive improved financial and market share performance and reinvigorated our approach to collaboration in global banking and markets".

Read more: HSBC appoints John Flint to succeed Stuart Gulliver as chief executive

Full story: HSBC global banking boss leaves within two years of joining: City A.M.

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News