Matthew Westerman’s departure from HSBC has been welcomed by some investment bankers who tired of what they described as a “toxic” working environment under his watch. But it will also raise questions about the viability of the bank’s strategy to make itself a bigger name in investment banking, which Westerman had been tasked with leading.

News of the former Goldman Sachs partner’s exit from HSBC broke on Thursday and was given to staff in a memo from Samir Assaf, chief executive of the broader global banking and markets unit. Westerman’s co-head of global banking, Robin Phillips, will now head up the unit, which covers financing and advisory activities, the memo said. A person familiar with the timing said Westerman will leave in the next week or two.