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News Briefs
HSBC Pursues U.S. Ambitions
03/15/2006

HSBC, one of the world’s largest banks, has hired a senior private banker from Citigroup as part of its campaign to expand its relatively small U.S. private banking business. HSBC Private Bank has 68 offices in 34 countries, but only seven facilities in the United States: two each in California, New York and Florida, and one in Massachusetts.

Marion Young, formerly head of private client lending at Smith Barney, the latest in a series of postings for Citigroup over the course of 20 years, has joined HSBC as managing director and head of U.S. domestic private banking. “Marion brings more than 27 years of in-depth market experience to help further the private bank’s expansion efforts in the U.S.,” said Gerard Aquilina, chief executive officer of the Americas, HSBC Private Bank, to whom Young will report. “He will work with our team of highly skilled domestic private bankers to achieve much closer collaboration with our partners in tax, investment banking, corporate and commercial banking and personal financial services as HSBC continues to grow its footprint nationwide.”

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