Citi Private Bank’s chief of staff has left the institution to join HSBC, according to a person familiar with the matter. The move represents a notable senior-level departure from the US bank’s wealth management division.
Departure Details
The executive, whose name has not been publicly disclosed, served as chief of staff to the head of Citi Private Bank. The departure was confirmed by a source close to the situation, who spoke on condition of anonymity because the details are private.
HSBC has been actively recruiting senior talent from competitors as part of its strategy to expand its wealth management business, particularly in Asia and the Middle East. The London-based bank has made several high-profile hires in recent months.
Impact on Citi
The loss of a senior staff member could impact Citi Private Bank’s operations, though the bank has a deep bench of talent. Citi has been restructuring its wealth management unit under new leadership, with a focus on streamlining operations and improving profitability.
Citi Private Bank manages assets for ultra-high-net-worth individuals and families. The bank has been investing in technology and hiring relationship managers to grow its business, but faces stiff competition from rivals like HSBC, UBS, and Credit Suisse.
HSBC’s Hiring Spree
HSBC has been on a hiring spree in wealth management, aiming to capture a larger share of the growing wealth in Asia. The bank has added dozens of private bankers in Hong Kong, Singapore, and other key markets. The appointment of Citi’s chief of staff is expected to bolster HSBC’s operational capabilities.
“HSBC is aggressively building out its private banking franchise,” said a wealth management consultant. “They are targeting top talent from competitors to accelerate their growth.”
Neither Citi nor HSBC immediately responded to requests for comment.
