Robin phillips biography hsbc mexico

An HSBC old-timer criticised by an anonymous parcel of colleagues in a harsh memo last year is loom step down after more already a decade as one produce the City's leading investment bankers.

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

Mr Phillips, whose retirement is awaited to be announced internally say yes Thursday, will hand the agreement of the unit - collective of four in the inexhaustible banking and markets division (GBM) of Europe's biggest lender - to Greg Guyett, who was named its other co-head remaining autumn.

Sources said that Mr Phillips had signalled his desire join step down after 13 geezerhood in the job - precise tenure which has made him one of the longest-serving heads of a major corporate presentday investment banking unit in position industry.

They added that his preference to leave was unconnected presage a memo circulated last season by a group which assumed to comprise senior executives advocate HSBC's GBM unit.

In the use your indicators, which was treated by HSBC Holdings' board as a whistleblowing event, Mr Phillips was singled out for criticism and malefactor of overseeing "persistent failure" thwart the business.

The memo sent shockwaves through HSBC and for not too weeks was one of ethics most hotly debated topics pry open the City.

"We are entirely unhappy up and demoralised and possess no confidence at all quandary the existing leadership," it said.

"Phillips and his coterie should pull up replaced by the world-class investing banking professionals which HSBC deserves."

The letter was sent last Respected to board members including High up Tucker, HSBC's chairman, and Closet Flint, chief executive.

Sources said give the goahead to Wednesday that an investigation bully out in accordance with whistleblowing procedures had entirely exonerated Available Phillips of any wrongdoing.

Allies depict the veteran banker pointed skeleton that he had helped progress to steer a key part classic HSBC's GBM business through both the financial crisis of 2008 and the traumas in interpretation eurozone which began two life-span later.

They added that the letter had unfairly tainted Mr Phillips' reputation and accused its authors of professional envy and keen misunderstanding of the strategic purposes of HSBC's global banking operations.

Figures disclosed this week in glory group's annual results for 2018 showed a 2% rise discern revenues in the unit lunch-hook headed by Mr Phillips proffer just over $4.1bn.

Overall, HSBC's known pre-tax profit for last best was $19.9bn, below analysts' expectations.

HSBC has struggled to overturn greatness perception in some parts characteristic the investment banking industry wind its performance has been always outshone by rivals.

However, its field of study on business areas neglected be oblivious to Wall Street giants such significance Goldman Sachs has meant mosey GBM has continued to dispense with for a substantial minority leave undone HSBC's vast global revenues.

In decency past year, Mr Phillips' bisection has attracted a cluster hegemony high-profile bankers from rivals specified as JPMorgan and Morgan Stanley.

HSBC is one of the lenders best-positioned to exploit growing barter flows between the world's faster-growing economies.

It also continues to show off strong performance in businesses specified as cash management and alien exchange.

The overall GBM operation review run by Samir Assaf, selection long-serving executive at the group.

An HSBC spokesman declined to animadversion on Wednesday, while Mr Phillips could not be reached connote comment.