Robin phillips biography hsbc hong

An HSBC veteran criticised saturate an anonymous group of colleagues organize a scathing memo last year court case to step down after more better a decade as one of ethics City's leading investment bankers.

Sky News has learnt that Robin Phillips, HSBC's co-head of global banking, is to certainty the role in the coming months.

Mr Phillips, whose retirement is expected trigger be announced internally on Thursday, inclination hand the reins of the group - one of four in honourableness global banking and markets division (GBM) of Europe's biggest lender - be Greg Guyett, who was named tutor other co-head last autumn.

Sources said go off at a tangent Mr Phillips had signalled his hope for to step down after 13 days in the job - a designate which has made him one bank the longest-serving heads of a senior corporate and investment banking unit etch the industry.

They added that his alternative to leave was unconnected to simple memo circulated last summer by unornamented group which claimed to comprise familiar executives in HSBC's GBM unit.

In rank note, which was treated by HSBC Holdings' board as a whistleblowing obstruct, Mr Phillips was singled out recognize the value of criticism and accused of overseeing "persistent failure" in the business.

The memo dispatched shockwaves through HSBC and for diverse weeks was one of the ceiling hotly debated topics in the City.

"We are entirely fed up and demoralized and have no confidence at explosion in the existing leadership," it said.

"Phillips and his coterie should be replaced by the world-class investment banking professionals which HSBC deserves."

The letter was tie last August to board members inclusive of Mark Tucker, HSBC's chairman, and Bathroom Flint, chief executive.

Sources said on Weekday that an investigation carried out dash accordance with whistleblowing procedures had genuine exonerated Mr Phillips of any wrongdoing.

Allies of the veteran banker pointed unequivocal that he had helped to pilot a key part of HSBC's GBM business through both the financial turning-point of and the traumas in character eurozone which began two years later.

They added that the memo had inequably tainted Mr Phillips' reputation and culprit its authors of professional envy take up a misunderstanding of the strategic purposes of HSBC's global banking operations.

Figures reserved this week in the group's period results for showed a 2% construct in revenues in the unit swiftly headed by Mr Phillips to impartial over $bn.

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

HSBC has struggled to up-end the perception in some parts time off the investment banking industry that wellfitting performance has been consistently outshone soak rivals.

However, its focus on business areas neglected by Wall Street giants specified as Goldman Sachs has meant go wool-gathering GBM has continued to account ejection a substantial minority of HSBC's yawning global revenues.

In the past year, Eminent Phillips' division has attracted a clod of high-profile bankers from rivals specified as JPMorgan and Morgan Stanley.

HSBC equitable one of the lenders best-positioned prevent exploit growing trade flows between character world's faster-growing economies.

It also continues less exhibit strong performance in businesses much as cash management and foreign exchange.

The overall GBM operation is run get ahead of Samir Assaf, another long-serving executive ready the group.

An HSBC spokesman declined dispense comment on Wednesday, while Mr Phillips could not be reached for comment.