HSBC CEO Vows To Retain Private Bank's Standalone Status In Group - Report

Tom Burroughes

11 August 2014

, which has folded its wealth arm into another unit, the Financial Times reported.

In May, UK-listed Barclays reduced its business lines to four divisions, with the wealth and investment management business forming part of the Personal and Corporate Banking arm. When the bank reported results a few days ago, there were no longer any figures on the wealth business, such as assets under management, earnings, inflows or staff numbers. It is understood that one reason why the wealth business’s head, Peter Horrell, is stepping down is because of this structural change; a number of other Barclays figures in the wealth business have left. (To see an analysis of the issue on this publication, click here.)

HSBC’s Gulliver, who took the role years ago, said the private banking arm needed to be run as a “discrete business” to retain talent, the FT report said, citing a response to an analyst’s question.
Gulliver said: “I think it is important to the retention of top-quality private bankers that we don’t subsume per annum,” he is quoted by the newspaper as saying.