Back in August, a group of self-proclaimed and self-unidentified senior investment bankers told HSBC’s board that it had a lot of problems with co-head of global banking Robin Phillips, and now, they were gonna hear about it. Boy, did they: Phillips, who in addition to being co-head of global banking is also the interim other co-head since his former partner quit a year ago, is an “embarrassment” and “persistent failure,” the board was told. “We are entirely fed up and demoralized, and have no confidence at all in the existing leadership,” the bankers wrote, “whistleblowing on incompetence.”
“Robin Phillips and the existing management team should be immediately shown the door and their bonuses should be clawed back because they have been paid under totally false pretences,” they demanded.
Well, they’re not getting that. But they are getting someone to co-disappoint them alongside Phillips.
HSBC Holdings PLC has hired former East West Bancorp Inc. President Gregory Guyett as co-head of global banking….
Mr. Guyett, who couldn’t immediately be reached for comment, is a 30-year veteran of JPMorgan Chase & Co., where his roles included heading investment banking in Asia-Pacific and serving as chief executive for Greater China, according to his East West biography…. Between JPMorgan and East West, Mr. Guyett was executive vice president of corporate development at industrial group Johnson Controls International PLC.
HSBC Appoints Former JPMorgan Banker as Co-Head of Global Banking [WSJ]
Mutiny at HSBC: Investment bank attacked in anonymous letter [FN]