By Steve Slater
LONDON, Sept 12 (IFR) - One of HSBC's most senior investment
bankers, Spencer Lake, is leaving the British bank.
Lake has been at HSBC's global banking and markets business
for 10 years, helping to build up its capital markets and
investment banking business. He is expected to leave this week.
His departure follows the arrival in May of Matthew
Westerman from Goldman Sachs as co-head of banking, which saw
HSBC reorganise its capital markets business.
Lake became vice-chairman of GBM under that rejig, focusing
on strategic initiatives, such as the internationalisation of
China's renminbi, infrastructure and sustainable financing. He
had previously been global head of capital financing, and before
that co-head of global markets.
Samir Assaf, chief executive of GBM, said in a memo to staff
on Monday that Lake had decided to leave the bank, but did not
give a reason.
Lake, a Canadian who also has British citizenship after
working in London for the past 17 years, is expected to look for
another role in the industry.
He joined HSBC in 2006 as head of debt capital markets and
acquisition finance after working for 17 years at Merrill Lynch
in New York, Hong Kong and London in a number of areas,
including real estate finance, investment banking and DCM.
Before Merrill, Lake worked for two years at JP Morgan.
HSBC enlarged the size of global banking at the time of
Westerman's arrival, including merging its capital financing
unit into it and moving a number of clients from commercial
banking into the business.
At the time HSBC said the aim was to cut costs and create a
more efficient structure, and bring its primary products into
the same area as relationship managers and make it more agile.
Westerman co-heads global banking with Robin Phillips.
It involved a number of other staff changes, including the
departures of John Crompton, who was HSBC's head of corporate
finance, and Florian Fautz, head of M&A.
(Editing by Gareth Gore)