HSBC is appointing a veteran Swiss private banker to run its wealth arm in Switzerland, finews.com has learned.
Alexander Classen will be named as the new CEO of the British bank's wealth management arm in Switzerland and Luxembourg, a source familiar with the matter told finews.com. The hire of Classen, a veteran Swiss banker who formerly ran the international arm of Coutts until the sale of its assets to Union Bancaire Privée three years ago, is effective on November 5.
He replaces Franco Morra, who departed in April when HSBC installed a new structure more closely aligning the Swiss arm with five other private bank units – the U.K., France, Germany, Luxembourg, and the Channel Islands. A spokesman for the bank confirmed the move.
Tax Scandals
Eight years ago, the Swiss private bank was roiled when data on 24,000 current and former clients were leaked by Herve Falciani, a former data technician. Since then, HSBC has slimmed dramatically from more than 150 markets to roughly 20, and cut hundreds of jobs.
The bank also set aside some scandals – like a long-running French tax investigation – but some troubles remain: HSBC is a so-called Category 1 bank in the U.S., meaning prosecutors are investigating its dealings with U.S. clients and offshore accounts. The bank is also still on the hook in Belgium over the Falciani leak.
Management Changes
HSBC's new set-up comes alongside sweeping management changes: John Flint took over as head of HSBC overall in February and earlier this month, the bank named António Simões to replace the long-standing head of its overall private banking activities.
Before Coutts, Classen was head of Morgan Stanley's European wealth arm. The native Genevan also spent six years as Goldman Sachs' general manager in Zurich, and five in Singapore as regional head of Asia for Pictet, where he began his career.
He will be based in Geneva and oversee private banking in Switzerland and Luxembourg as well as HSBC's wholesale banking and asset management activities in Switzerland.
