FT.com / Companies / Banks - Private banking chiefs scramble to Asia.
The world’s largest financial groups, including JPMorgan Chase and HSBC, are scrambling to relocate their private banking chiefs to Asia to focus on opportunities in the fast-growing region.
HSBC is in advanced discussions to move Chris Meares, the global head of its private bank, from London to Hong Kong. A decision is expected shortly, according to people familiar with the matter. Its private bank has more than $400bn (€292bn) under management.
It is understood that senior executives are pushing for Mr Meares to be based in Asia to position the bank better to capture the region’s growing wealth. HSBC declined to comment.
No doubt they did.
Nor am I commenting. I'm just suggesting that the issue may not be quite as represented here. Banking secrecy is collapsing in Europe, and the opportunities for tax planning are declining with it. So far that's not true of some places in Asia. I think this a much more likely explanation for the move, and one that throws no credit on the banks in question at all.
But it's just a suggestion. Nothing more.
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