HSBC Holdings has hired former Citigroup executive Ida Liu to run its global private banking business, according to people familiar with the matter, marking a key leadership appointment as the bank reshapes its wealth operations under a new management team.
Liu will replace Gabriel Castello, who has been serving as interim chief executive of HSBC’s wealth business since late last year, following the departure of Annabel Spring as part of a broader management shake-up led by group chief executive Georges Elhedery. Liu is expected to begin her new role in early January, the sources said, speaking on condition of anonymity as the appointment has not been publicly announced.
Under the new structure, Castello will move into the role of vice-chairman of HSBC’s private bank, where he will oversee relationships with the lender’s most valuable clients. HSBC declined to comment on the appointment.
The leadership change comes at a sensitive time for HSBC’s private banking arm, particularly in Switzerland. The bank has been winding down relationships with more than 1,000 wealthy Middle Eastern clients, including many with assets exceeding $100 million, amid increased regulatory scrutiny. Swiss regulator Finma has previously found that HSBC’s private bank failed to carry out adequate due diligence on high-risk accounts linked to politically exposed persons, while Swiss federal prosecutors have opened a separate investigation into the division.
Liu brings nearly two decades of experience from Citigroup, where she was one of the bank’s most senior and visible executives before leaving in January after 18 years. She began her career as an investment banker and also worked in the fashion industry before building a niche wealth management practice at Citi, advising fashion and media billionaires and their families.
In her final four years at Citigroup, Liu served as global head of private banking, overseeing a business with a strong focus on clients in the United States and Asia. Born and raised in California, she is fluent in Chinese and Spanish, according to her professional profile, skills seen as valuable for a global wealth franchise with a growing Asian focus.
Her exit from Citigroup followed reported tensions with Andy Sieg, the firm’s head of wealth. Citigroup commissioned a law firm to investigate allegations that Sieg mistreated employees, including Liu, but the bank ultimately stood by him. Chief executive Jane Fraser later expanded Sieg’s responsibilities, shortly before Liu’s departure.
At HSBC, Liu will take on the task of steering the global private bank through regulatory challenges while strengthening its appeal to ultra-wealthy clients across key growth markets, as the lender continues to refocus its wealth strategy worldwide.
