HSBC Holdings PLC has reportedly cut its corporate broking ties with Goldman Sachs Group Inc. following a review led by the British lender's CFO Ewen Stevenson, Sky News reported June 3.
The decision to part company with Goldman Sachs was described as "a standard one led by a new CFO," according to sources close to HSBC. Stevenson and his colleagues have not yet finalized a replacement for the New York-based lender, Sky News said.
Goldman Sachs has served as a joint corporate broker, along with Credit Suisse Group AG, for HSBC since 2011. In 2009, Goldman Sachs assisted the bank in raising £12.5 billion through a rights issue, the largest capital raising in U.K. market history.
Meanwhile, it was not made clear whether HSBC will also sever ties with Credit Suisse, where Stevenson worked for several years, according to the report.