HSBC's Swiss Private Bank Raises Salaries for Some Employees to Prevent Talent Drain

Deep News

11/22

According to informed sources, HSBC Holdings PLC's Swiss private banking arm is increasing salaries for some employees to prevent talent attrition.

Anonymous sources familiar with internal discussions revealed that the Swiss branch of HSBC has raised compensation for staff, including relationship managers. Several employees have departed in recent months, including interim head John Shipman, who left last month to join Barclays.

HSBC has also enlisted the chairman of its Middle East operations for advisory support. Management has assigned Samir Assaf to assist the Swiss private banking division. The former global head of banking and markets, now an advisor to the group chairman and CEO, is currently working in Geneva.

In response to queries about retention salaries, HSBC stated: "HSBC continues to attract top talent and invest in our people." Regarding Assaf's role, the bank added: "Our strategy involves significant expansion of wealth management operations."

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Several employees have departed in recent months, including interim head John Shipman, who left last month to join Barclays.</p>\n<p>HSBC has also enlisted the chairman of its Middle East operations for advisory support. Management has assigned Samir Assaf to assist the Swiss private banking division. 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