Paul Hand, global banking co-head at HSBC Holdings Plc, will leave after 21 years with Europe’s biggest bank, following a flurry of senior departures in Asia and Europe, an internal memo given to Bloomberg News showed. Hand will leave at the end of the year to pursue interests outside banking, according to the memo sent today by investment and corporate banking head Stuart Gulliver. Robin Phillips, who was made co-head with Hand last year, is appointed as sole head of global banking. Annie Cheng, a Hong Kong-based spokeswoman at the bank, confirmed the content of the memo.
HSBC ranked 13th arranging share sales and 28th advising on takeovers globally this year, trailing UBS AG and Goldman Sachs Group Inc. as it struggles to retain senior executives. The bank lost its global head of capital markets, Asia chief executive officer and Asian head of investment banking since May, and has seen departures in India, the Middle East, Europe and the U.S. in the past three months.
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