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HSBC's co-head of investment bank in line for possible promotion as next chief executive

A former Goldman Sachs financier. employed to revamp HSBC's investment bank could be set to take over as boss of the UK bank
HSBC
HSBC is seeing big changes at the top

HSBC Holdings plc (LON:HSBA) is reportedly considering promoting the co-head of its investment bank to replace Stuart Gulliver as chief executive. 

Matthew Westerman, who was poached from Goldman Sachs in February last year to help lead an overhaul of HSBC's investment bank, is being viewed in City circles as a possible candidate to succeed Gulliver when he steps down next year, The Telegraph reported. 

Since taking on the role as HSBC's co-head of the global banking division alongside Robin Phillips, Westerman has shaken up the investment bank by cutting jobs and taking business from European rivals.

Westerman spent 16 years as a banker at Goldman Sachs before joining HSBC. He was already familiar with HSBC's business because he acted as the bank’s corporate broker while he was at Goldman.

Westerman also has experience in Asia, one of HSBC’s core markets, after working for three years as a senior financier in the region for Goldman.

Appointing Westerman as chief executive would follow a trend at HSBC that saw Guillver promoted to the top job in 2011 after spending eight years leading the group's investment banking division with John Studzinski.

READ: HSBC boss confirms plans to shift UK jobs to Paris in event of 'hard Brexit'

HSBC is set to see some big changes at the top, having announced the appointment of a new chairman in March.

Mark Tucker, the former boss of insurer Prudential PLC (LON:PRU) will join HSBC as chairman in October. Tucker will take over from current incumbent Douglas Flint.

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