Expressing a subtraction from a Hermitian outer products' main diagonal in terms of the original vectors

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Consider a vector $\mathbf{x} \in \mathbb{C}$, and its complex conjugate transpose $\mathbf{x}^H$. Computing the outer product of both vectors results the matrix $\mathbf{\Phi} = \mathbf{x} \mathbf{x}^H$.

Now I would like to subtract$\mathbf{\Phi}$ from the identity matrix multiplied with the trace $\text{tr}(\cdot)$ of $\mathbf{\Phi}$:

$\mathbf{\Psi} = \text{tr}(\mathbf{\Phi})\mathbf{I} - \mathbf{\Phi} $.

For my application, it would be preferable if an explicit computation of $\mathbf{\Phi}$ could be avoided.

The trace can be expressed in terms of $\mathbf{x}$ (I think):

$ \text{tr}(\mathbf{\Phi}) = \sum_i \mathbf{x}_i^2$.

My questions are

  • Is my reformulation for the trace correct?
  • Can $\mathbf{\Psi}$ be expressed in a way that does not require me to compute $\mathbf{\Phi}$?

I am also interested in any rules or concepts that cover or have a name for this specific problem, as I do not have a strong math background.