HSBC recruits ex-Citi executive Ida Liu to lead private bank

Core Insights - HSBC has appointed Ida Liu, a former Citigroup executive, as the new CEO of its private bank, effective January 5, following her resignation from Citi where she oversaw its private banking division [1][3] - Liu's primary responsibilities will include accelerating the growth of the private bank, increasing business with ultra high net worth clients, and enhancing cross-border connectivity in key wealth corridors [2][5] - HSBC aims to double its assets under management in the UK to $135 billion by 2028, indicating a strong growth strategy in the private banking sector [2][5] Leadership Transition - Liu will succeed Gabriel Castello, who has been serving as interim CEO since the departure of Annabel Spring late last year [3] - The appointment reflects HSBC's ambition to strengthen its private banking services for sophisticated entrepreneurs and families [3] Industry Context - Liu has been an influential figure in wealth management, advocating for women in finance and discussing the significant intergenerational wealth transfer expected to reach $31 trillion [4] - She emphasizes the need for private banking to adapt to the evolving needs of global, entrepreneurial, and multi-generational clients [4]