HSBC U.S. Wealth, Personal-Banking Head Sanchez to Leave Lender

HSBC Holdings Plc’s head of wealth and personal banking in the U.S. and Canada Pablo Sanchez is leaving the lender, to be succeeded by Tara Latini, according to a person familiar with the matter.

Sanchez is departing to pursue other opportunities, the person said, asking not to be identified discussing a private matter. Latini, who joined HSBC in 2004, will relocate to New York and take over as head of WPB on April 1, after holding the same position in Malaysia, the person said.

A spokesman for HSBC declined to comment. Sanchez couldn’t immediately be reached to comment.

HSBC is poised to unveil a strategy update on Tuesday with its full-year results. The lender is expected to speed growth of its Asian operations and will return some global leaders to the bank’s original hometown of Hong Kong, Bloomberg reported earlier.

The Financial Times reported that HSBC is expected to announce a withdrawal from consumer banking in the U.S., citing unidentified people. The bank’s spokesman declined to comment about such moves.

HSBC announced last year that it was combining its retail banking and wealth management with global private banking to create the wealth and personal banking division, with a combined $1.4 trillion in assets.

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