Westerman from HSBC will leave the bank after less than 2 years



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Matthew Westerman, high-profile negotiator hired for review The investment banking arm of HSBC Holdings Plc is leaving less than two years after being hired by Goldman Sachs Group Inc., according to people familiar with the plans [19659003] Westerman, who was appointed co-chair of world banking in February 2016, agreed to leave Europe's largest bank by the end of the month, the people said, who asked not to be identified because the decision is not public. [19659004] Source: HSBC Holdings Plc

A spokeswoman for HSBC declined to comment. Westerman, who is based in London, did not immediately respond to a call seeking comment.

Robin Phillips, who was in charge of global banking when Westerman joined and worked with him, will continue to lead the unit, one of the people said.

Westerman, former president of European investment bank Goldman Sachs, tried to inject a more competitive advantage to the advisory and financing unit he supervised at HSBC, which he considered too cordial, Bloomberg News reported in January. .

Read more: Winners of HSBC bonuses, the losers say they are ruthless under Westerman

Sharpened the divisions within their group of bonuses, giving more lucrative prizes to the best performers and cutting the compensation of those in the Lower part, instituted a more severe end-of-year review procedure, and promoted a smaller percentage of candidates to become CEOs, said people familiar with their management style.

The outgoing Executive Director, Stuart Gulliver, was seen as a possible success. Last month, new president Mark Tucker opted for John Sprint, director of retail banking and wealth management who worked for HSBC since 1989 to succeed Gulliver.

While at Goldman Sachs, Westerman was one of HSBC's most trusted outsiders. advisers for years and was close to Gulliver and former President Douglas Flint, said people familiar with his career. Douglas Flint left in October and Gulliver resigns in February.

Westerman joined Goldman Sachs of NM Rothschild & Sons as CEO in 2000 and became a partner in 2002. He led the investment banking division of the US firm in Asia outside of Japan from 2012 to 2015. Previously, worked in companies such as Credit Suisse First Boston.

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