By Selena Li
HONG KONG (Reuters) – HSBC’s top wealth manager overseeing China will leave the role soon in an Asian leadership reshuffle, as the lender also cuts hundreds of jobs from its digital wealth project in China.
Trista Sun, who has been leading the bank’s International Wealth and Premier Banking (IWPB) business in China, will leave the role on May 1 after more than three years, according to a company memo issued on Tuesday and seen by Reuters.
Kai Zhang, the bank’s Asia head of IWPB, will relocate to Shanghai from Singapore and take on the additional role as acting head of IWPB China from the same date, according to the memo.
A company spokesperson confirmed the contents of the memo.
Sun has been appointed managing director for strategic projects at IWPB – a newly created role. She will report to global wealth head Barry O’Byrne and will relocate from Shanghai to Hong Kong.
The bank said Sun will manage projects critical to accelerating the delivery of IWPB’s growth agenda, including boosting cross-border customer acquisition and capturing fund flows.
HSBC is reducing staff numbers at its China digital wealth business Pinnacle by nearly half, or about 900 people, Reuters reported in February citing two sources.
The scale-down marks a sharp reversal of the bank’s ambition for the unit as part of its expansion plans in the country.
(Reporting by Selena Li; Editing by Kirsten Donovan)
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