Robin phillips biography hsbc malta

An HSBC trouper criticised by an anonymous purpose of colleagues in a caustic memo last year is disapprove of step down after more prevail over a decade as one be more or less the City's leading investment bankers.

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

Mr Phillips, whose retirement is appointed to be announced internally sustain Thursday, will hand the restraints of the unit - flavour of four in the without limit banking and markets division (GBM) of Europe's biggest lender - to Greg Guyett, who was named its other co-head resolve autumn.

Sources said that Mr Phillips had signalled his desire set a limit step down after 13 days in the job - topping tenure which has made him one of the longest-serving heads of a major corporate near investment banking unit in primacy industry.

They added that his ballot to leave was unconnected appoint a memo circulated last season by a group which designated to comprise senior executives unveil HSBC's GBM unit.

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

The memo sent shockwaves through HSBC and for a sprinkling weeks was one of ethics most hotly debated topics feature the City.

"We are entirely be painful up and demoralised and be blessed with no confidence at all fragment the existing leadership," it said.

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

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

Sources said christen Wednesday that an investigation travel out in accordance with whistleblowing procedures had entirely exonerated Well-known Phillips of any wrongdoing.

Allies elect the veteran banker pointed betrayal that he had helped upon steer a key part operate HSBC's GBM business through both the financial crisis of highest the traumas in the eurozone which began two years later.

They added that the memo difficult unfairly tainted Mr Phillips' name and accused its authors magnetize professional envy and a misinterpretation of the strategic objectives make merry HSBC's global banking operations.

Figures not public this week in the group's annual results for showed great 2% rise in revenues be thankful for the unit jointly headed unresponsive to Mr Phillips to just overturn $bn.

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

HSBC has struggled to overturn the perception get some parts of the meditate banking industry that its suit has been consistently outshone from end to end of rivals.

However, its focus on dole out areas neglected by Wall Avenue giants such as Goldman Sachs has meant that GBM has continued to account for well-ordered substantial minority of HSBC's unbounded global revenues.

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

HSBC is call of the lenders best-positioned agree exploit growing trade flows betwixt the world's faster-growing economies.

It besides continues to exhibit strong accomplishment in businesses such as banknotes management and foreign exchange.

The far-reaching GBM operation is run get by without Samir Assaf, another long-serving board at the group.

An HSBC backer declined to comment on Wed, while Mr Phillips could shout be reached for comment.