HSBC Hires Former Citi Executive Ida Liu to Lead Global Private Banking
HSBC Holdings has brought on board former Citigroup executive Ida Liu to oversee its global private banking operations. Liu will assume the role of CEO of HSBC Private Bank starting on Jan. 5, following a transition period in New York before relocating to London, as stated in an internal memo by Barry O’Byrne, the CEO of HSBC’s international wealth and premier banking division.
Liu takes over from Gabriel Castello, who was appointed interim CEO of the wealth business last year after Annabel Spring’s departure as part of a restructuring led by group CEO Georges Elhedery.
New Responsibilities and Challenges
Under the new structure, Castello will now serve as vice chair of HSBC Private Bank, reporting to Liu, who in turn will report to O’Byrne, according to the memo obtained by Bloomberg News.
HSBC’s Swiss private bank is currently disengaging from over 1,000 affluent Middle Eastern clients, some with assets exceeding $100 million. This move comes amid scrutiny from Swiss regulator FINMA, which previously found lapses in due diligence on high-risk accounts held by politically exposed individuals. Swiss federal prosecutors have initiated an investigation into the matter.
Ida Liu’s Background and Achievements
Liu was a prominent figure at Citigroup for 18 years before joining HSBC. She built a successful wealth practice at Citigroup, catering to fashion and media billionaires and their families. Fluent in Chinese and Spanish, Liu held the position of global head of private banking at Citigroup, with a strong focus on clients in the U.S. and Asia.
Her departure from Citigroup followed tensions with Andy Sieg, the firm’s head of wealth, which led to an investigation into alleged mistreatment of employees. Despite the controversy, Citigroup’s CEO Jane Fraser supported Sieg, who has since taken on additional responsibilities within the organization.
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