Paul Stillabower will depart HSBC Securities Services (HSS) as global head of Business Development to pursue other opportunities, and Mike Martin, global head of client management at HSBC, has also left the bank, multiple sources with knowledge of the departures have confirmed to Global Custodian.
Stillabower, who has been with the bank for almost nine years, will depart at the end of November, a source says. He has held various sales, relationship management and marketing roles during his tenure at HSBC, culminating in his latest role. A replacement has not been announced, and Stillabower was unavailable for comment.
Martin left the bank in early November, sources say. He had been with HSBC for 13 years.
Stillabower and Martin were instrumental in the facelift of HSBC Securities Services six years ago, where the bank saw numerous key hires in custody and fund administration in order to develop the corporate and investment banking business. Nick Thomas joined from RBC Global Services in April 2005 and Dale Grieve joined HSBC’s Institutional Fund Services (IFS) as head of relationship management, insurance companies from State Street.
Martins and Stillabowers departures follow an efficiency program set out at the banks Investor Day in May. In an emailed statement, the bank said: The programme is about reducing bureaucracy and enhancing organisational effectiveness. A variety of roles will be impacted but we will also continue to hire and invest in growth regions and businesses with the aim of becoming the leading international bank.
The banks efficiency program will see it cutting 30,000 jobs by the end of 2013. Five thousand of those jobs were cut earlier in the year, and more recently several hundred more jobs were cut.
A source close to the situation says that as a critical part of the efficiency program, HSS decided to focus on the sales and business development unit and reorganize that unit, broadly integrating the client management functions into a new structure. As a result, those two specific roles became redundant, the source says. While those specific roles will be discontinued in the new structure, the bank will still be hiring in the sales and business development unit, added the source.
Before HSBC, Stillabower was with RBC Global Securities Services for five years. He joined the bank in November 1997, when it was still Royal Trust, as director of risk and control. He then became managing director and head of Europe for RBC Global Securities Services in March 1999, where he was responsible for P&L and overall business management including operations, risk management, IT, strategy, and client management.