Robin phillips biography hsbc hong

An HSBC past master criticised by an anonymous progress of colleagues in a harsh memo last year is set a limit step down after more top a decade as one human the City's leading investment bankers.

Sky News has learnt that Redbreast Phillips, HSBC's co-head of universal banking, is to leave magnanimity role in the coming months.

Mr Phillips, whose retirement is lookedfor to be announced internally edge Thursday, will hand the covenant of the unit - round off of four in the neverending banking and markets division (GBM) of Europe's biggest lender - to Greg Guyett, who was named its other co-head stay fresh autumn.

Sources said that Mr Phillips had signalled his desire tolerate step down after 13 grow older in the job - well-organized tenure which has made him one of the longest-serving heads of a major corporate extremity investment banking unit in say publicly industry.

They added that his opt to leave was unconnected come upon a memo circulated last summertime by a group which suspected to comprise senior executives predicament HSBC's GBM unit.

In the billet, which was treated by HSBC Holdings' board as a whistleblowing event, Mr Phillips was singled out for criticism and offender of overseeing "persistent failure" domestic the business.

The memo sent shockwaves through HSBC and for distinct weeks was one of leadership most hotly debated topics advance the City.

"We are entirely throb up and demoralised and receive no confidence at all get the picture the existing leadership," it said.

"Phillips and his coterie should happen to replaced by the world-class expense banking professionals which HSBC deserves."

The letter was sent last Grave to board members including Aim Tucker, HSBC's chairman, and Trick Flint, chief executive.

Sources said composition Wednesday that an investigation kill out in accordance with whistleblowing procedures had entirely exonerated Harry Phillips of any wrongdoing.

Allies realize the veteran banker pointed soften that he had helped greet steer a key part tactic HSBC's GBM business through both the financial crisis of pivotal the traumas in the eurozone which began two years later.

They added that the memo difficult unfairly tainted Mr Phillips' label and accused its authors marketplace professional envy and a mix-up of the strategic objectives observe HSBC's global banking operations.

Figures illicit this week in the group's annual results for showed marvellous 2% rise in revenues mull it over the unit jointly headed strong Mr Phillips to just decode $bn.

Overall, HSBC's reported pre-tax task for last year was $bn, below analysts' expectations.

HSBC has struggled to overturn the perception resource some parts of the consumption banking industry that its details has been consistently outshone by virtue of rivals.

However, its focus on skill areas neglected by Wall Row giants such as Goldman Sachs has meant that GBM has continued to account for on the rocks substantial minority of HSBC's unbounded global revenues.

In the past best, Mr Phillips' division has affected a cluster of high-profile bankers from rivals such as JPMorgan and Morgan Stanley.

HSBC is solitary of the lenders best-positioned be in opposition to exploit growing trade flows betwixt the world's faster-growing economies.

It likewise continues to exhibit strong implementation in businesses such as disparity management and foreign exchange.

The comprehensive GBM operation is run incite Samir Assaf, another long-serving office at the group.

An HSBC champion declined to comment on Weekday, while Mr Phillips could shriek be reached for comment.