HSBA Hsbc Holdings Plc

By Margot Patrick 

HSBC Holdings PLC co-head of global banking Robin Phillips will leave the bank this summer, a person familiar with the matter said Wednesday, following the hiring of a new co-head last October.

Mr. Phillips, 60, has been with HSBC since 2004 and was appointed to his current role in August 2013. In his time at the bank, he helped oversee a restructuring of HSBC's broader global banking and markets division, and outlasted another co-head, Matthew Westerman, who left in November 2017 after 18 months.

In October, that vacant co-head position was filled by former East West Bancorp Inc. President Gregory Guyett. Mr. Guyett will now be sole head of the division, the person familiar with the matter said.

Mr. Phillips's planned departure was first reported by Sky News.

Mr. Phillips was thrust into the spotlight in August after a letter, purportedly written by employees, attacked his leadership and said the global banking unit was struggling to attract and retain talent. The memo, reviewed by The Wall Street Journal, wasn't signed by anyone.

An internal review of the letter's allegations didn't find any fault by Mr. Phillips, the person familiar with the matter said, and his departure is unconnected.

(END) Dow Jones Newswires

February 20, 2019 16:21 ET (21:21 GMT)

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