People Moves
Exclusive: HSBC Private Bank Asia Loses Chief Of Staff Amid Job Cuts
Monique Chan, a veteran banker who had worked at HSBC Private Bank for 15 years, left suddenly last month, WealthBriefingAsia has exclusively learned.
The longstanding chief of staff of HSBC Private Bank in Asia and chief executive of the private bank in Hong Kong, Monique Chan, has left suddenly amid a slew of cuts at the unsettled lender.
Monique Chan, a veteran banker who worked at HSBC Private Bank for 15 years, left around three weeks ago, WealthBriefingAsia has exclusively learned. She was previously regional head of human resources for Asia at HSBC Private Bank and held various senior management positions in the division, including head of relationship management covering Hong Kong market, chief technology and services officer, and chief operating officer for the trust business. Prior to joining HSBC Private Bank, Chan worked for Standard Chartered Bank and Commonwealth Bank of Australia.
Well-liked at the bank, her sudden absence raised eyebrows.
“The people are very surprised. They had a Christmas dinner in mid-December, where she was handing out prizes and presents, and the next day she was gone,” said a source close to the situation.
The source said that since Bernard Rennell, the new chief executive of the private bank in North Asia, started last November, there has been a shake-up of the old guard, although Chan's move may be unrelated. Eleven-year HSBC veteran Rennell moved from his role as global head of private wealth solutions after three years. Before this he was head of private wealth solutions, Asia.
HSBC declined to comment. It is not known whether Chan will be replaced.
The news comes amid wide-scale cutbacks at the bank’s Hong Kong division. Three thousand jobs, or 13 per cent of its workforce, will be slashed in the next three years, to reduce costs in a difficult economic environment.
The cuts will come in several waves, mainly in the operations businesses. The first wave of cuts has already happened, said a source at the bank. The source added that redundancy packages have been generous. “They are relocating where they can and they are looking after their staff. Usually they are getting at least three months gardening leave,” she said.