One of HSBC Holdings’ (LON:HSBA) most senior investment bankers, Matthew Westerman, is leaving the lender immediately, Reuters has reported. Westerman joined Europe’s biggest bank just under two years ago.
HSBC’s share price has fallen into the red in today’s session, having given up 0.83 percent to 732.70p as of 13:31 GMT, underperforming the broader UK market, with the benchmark FTSE 100 index currently standing 0.12 percent lower at 7,409.78 points. The group’s shares have added just under 14 percent to their value over the past year, and are up by some 11 percent in the year-to-date.
Matthew Westerman leaves group
According to an internal memo seen by Reuters, Matthew Westerman, co-head of global banking at HSBC, is due to leave the lender immediately. He joined the bank just under two years ago from Goldman Sachs with a mandate to shake up the investment banking division and improve performance. Since his arrival in February last year, he made sweeping changes, including cutting dozens of senior bankers.
Westerman was hired directly by HSBC Chief Executive Stuart Gulliver. No reason for his departure was given in the memo.
“He and Robin Phillips have together driven improved financial and market share performance and reinvigorated our approach to collaboration in Global Banking and Markets,” the head of that division, Samir Assaf, said in the memo, as quoted by the newswire.
His departure comes after the lender recently confirmed John Flint, head of retail banking and wealth management, as its new chief executive.
Analysts on HSBC
JPMorgan Chase & Co reiterated its ‘neutral’ rating on HSBC this month, valuing the shares at 690p, while Goldman Sachs, which also sees the lender as a ‘neutral,’ set a price target of 815p on the stock. According to MarketBeat, the Asia-focused lender currently has a consensus ‘hold’ rating and an average price target of 738p.