HSBC has shifted its $400M global media account to Omnicom's PHD from WPP's Mindshare unit following a competitive review, according to AdWeek.

The loss of the prestigious account serves as a blow to the No. 1 ad/PR conglom, which is trying to regain its footing following last month's "extraction" of founder Martin Sorrell from the helm.

Sorrell, who is plotting a return to the communications scene, reportedly had close ties with HSBC executives.

Europe's largest banking operation launched the review, which was handled by ID Comms, in January.

Japan's Dentsu also bid on the business.