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HSBC global banking VP steps down

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Spencer Lake, the vice-chairman of global banking and markets at HSBC, is leaving the bank, according to reports by Reuters.

Samir Assaf, chief executive of global banking and markets said in a memo to staff that Lake had decided to leave the bank but did not give a reason.

Lake has been at HSBC for 10 years, he joined the bank in HSBC in 2006 as head of debt capital markets and acquisition finance.  He was most recently global head of capital financing, and before that co-head of global markets.

HSBC earlier this year hired senior Goldman Sachs banker Matthew Westerman to become co-head of banking.  Lake ran HSBC’s global capital financing business until February, when HSBC merged the function into its global banking unit.

After the management reshuffle Lake becoming vice-chairman of global banking and markets, focusing on strategic initiatives. Bloomberg reported Lake chose to leave because he felt he was being sidelined in the reorganisation.

His departure is the latest in a series of exits from the global banking division after Florian Fautz, global head of mergers and acquisitions, and John Crompton, head of corporate finance, left in June.

HSBC is cutting tens of thousands of jobs across its units and exiting businesses to in accordance to group chief executive Stuart Gulliver’s plan to lay off 2,5000 people globally by 2017 and cut costs by HK$39 billion. Within investment banking, it has combined country, sector and product teams to save money.

ALSO READ: HSBC’s Stuart Gulliver voted the most hated CEO in banking

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