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HSBC to hire Guyett in wake of 'mutiny memo'

By Mark Kleinman, City editor
HSBC is to appoint a former JPMorgan banker to a top role in its global investment bank as it seeks to draw a line under a recent mutiny which has raised questions about the future of the unit.
Sky News has learnt that Greg Guyett, who held several senior jobs in JPMorgan's Asian operations, will become co-head of HSBC's global banking in the coming months.
The appointment, which is subject to regulatory approval, is expected to be announced in the coming days, according to insiders.It will come weeks after an explosive memo written by a group of disgruntled current and former HSBC employees accused senior executives of presiding over a culture of rewards for failure.The memo, which is now being treated through formal whistleblowing procedures at Europe's biggest bank, was sent to Mark Tucker, HSBC Holdings' chairman, and John Flint, the new chief executive, who is regarded as having a lukewarm attitude to parts of the group's global banking and markets operations.Mr Guyett will work alongside Robin Phillips, the other co-head of global banking, who was singled out for criticism in the anonymous memo but who retains the support of many of his colleagues."The division's leadership has, year-on-year, utterly failed to create a successful strategy," the note said."We are entirely fed up and demoralised and have no confidence at all in the existing leadership."
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