Brash deal maker Matthew Westerman leaves HSBC less than two years after being hired from Goldman Sachs

Matthew Westerman, the high-profile deal maker brought in to overhaul HSBC Holdings PLC’s investment banking arm, is departing less than two years after he was recruited from Goldman Sachs.

Westerman, who was named co-head of global banking in February 2016, agreed to leave Europe’s largest bank by the end of the month, people familiar with the departure said on Thursday, which the bank confirmed in a later memo.

The former Goldman Sachs partner was ousted after his brash management style clashed with the more collegiate culture at HSBC, the people said, declining to be identified as the details are not public. The London-based Westerman did not return calls seeking comment.

Robin Phillips, who was in charge of global banking when Westerman joined and worked alongside him, will continue running the unit, according to the memo.

The former chairman of Goldman Sachs’s European investment bank, who made his name in corporate finance, attempted to inject a more competitive edge to the advisory and financing unit he oversaw at HSBC, which he considered to be too convivial. His stated aim was to establish HSBC as a “consistent top three strategic banking partner” to all of its clients.

In a bid to galvanise performance he sharpened divisions within its bonus pool – giving more lucrative awards to top performers, while slashing compensation for those ranked at the bottom, people familiar with his actions have said. He instituted a harsher end-of-year review procedure, and promoted a smaller percentage of candidates to become managing directors.