HSBC Private Bank

KYCO: Know Your Company

Reveal Profile

8 December 2025

1) Overview of the Company

HSBC Private Bank Suisse SA operates as the Swiss entity of HSBC’s global private banking division, headquartered in Geneva and serving ultra-high-net-worth individuals, families, and entrepreneurs worldwide. The bank forms part of HSBC’s International Wealth and Premier Banking business segment, which was created through organizational restructuring effective January 2025. As a subsidiary of HSBC Holdings plc, one of the world’s largest banking and financial services organizations with USD 3.017 trillion in assets as of December 2024, HSBC Private Bank Suisse SA benefits from the parent company’s global network spanning 58 countries and territories.

The Swiss private bank operates under the regulatory oversight of the Swiss Financial Market Supervisory Authority (FINMA) and maintains offices in Geneva at Quai des Bergues 9-17 and Zurich. According to the 2024 ZHAW School of Management and Law report, HSBC Private Bank Suisse SA ranks as the largest foreign-headquartered private bank in Switzerland by client assets and the 10th largest private bank in the country overall. The institution achieved distinction as the fastest-growing private bank in Switzerland among peers of similar size during 2024.

Gabriel Castello serves as CEO of the Swiss Private Bank while simultaneously holding roles as Regional Head of Private Banking for EMEA and Country Head Switzerland. Dr. Yannick Hausmann was appointed as Non-Executive Chair of the Board in May 2023, succeeding Dr. Andreas von Planta who retired after 12 years of service. The bank has undergone significant expansion since 2022, adding over 100 employees to reach a workforce exceeding 750 colleagues operating across Geneva and Zurich offices.

The institution traces its Swiss heritage to 1894 through the acquisition of Guyerzeller Bank, originally founded by Swiss engineer Adolf Guyer-Zeller to finance the construction of the Jungfrau railway. HSBC’s private banking operations were consolidated in Switzerland in 2001 through a series of acquisitions, creating the current entity that combines international scale with local Swiss expertise in wealth management, asset management, and corporate banking services.

2) History

HSBC Private Bank Suisse SA traces its Swiss heritage to 1894 through the acquisition of Guyerzeller Bank, originally founded by Swiss engineer Adolf Guyer-Zeller to finance the construction of the Jungfrau railway. This remarkable engineering project, which created the highest railway in Europe reaching 3,454 meters altitude, exemplifies the pioneering spirit that would later characterize HSBC’s Swiss operations. Through a series of strategic acquisitions at the turn of the 20th century, including Guyerzeller Bank, HSBC’s private banking operations were consolidated in Switzerland in 2001, creating the foundation for today’s entity.

The bank’s modern structure emerged from HSBC’s broader global private banking consolidation strategy. HSBC Private Bank formerly operated as HSBC Republic, established on December 31, 1999, when HSBC acquired Republic New York Corporation and Safra Republic Holdings, parent companies of Republic National Bank of New York. The marketing name HSBC Private Bank was adopted on January 1, 2004, building on the heritage of private wealth management brought by international subsidiaries and HSBC’s long-term strategic vision.

In 2009, the HSBC Guyerzeller business was formally re-branded as HSBC Private Bank, completing the integration process. This consolidation was part of HSBC’s strategic initiative to create a unified global brand, which began in 1998 when the bank decided to adopt HSBC and its red-and-white hexagon logo across all operations worldwide. The hexagon symbol derives from the bank’s original house flag, which was based on Scotland’s flag in honor of founder Thomas Sutherland’s heritage.

HSBC Private Bank Suisse SA has undergone significant expansion since 2022, reflecting its strategic importance within HSBC’s global private banking network. The institution added over 100 employees during this period, bringing its total workforce to more than 750 colleagues operating from Geneva and Zurich offices. This growth trajectory established the bank as the fastest-growing private bank in Switzerland among peers of similar size in 2024, according to the ZHAW School of Management and Law report.

The bank’s operational footprint has expanded strategically across key European and Middle Eastern markets, extending coverage from Saudi Arabia, Kuwait, and Qatar to Northern Europe, Switzerland, and Italy. In 2023, HSBC Private Bank Suisse SA established a Swiss-based Asia desk, creating seamless connectivity between EMEA and Asian markets where HSBC maintains considerable presence and expertise. This initiative reflects the bank’s commitment to leveraging its global network while maintaining its Swiss base of operations.

Since becoming a constituent part of HSBC’s International Wealth and Premier Banking division effective January 1, 2025, HSBC Private Bank Suisse SA operates within the bank’s simplified four-business structure. This reorganization, announced in October 2024 and completed in December 2024, positions the Swiss entity within a streamlined framework designed to accelerate strategic delivery and enhance client service capabilities across HSBC’s global private banking operations.

3) Key Executives

Gabriel Castello serves as CEO of HSBC Private Bank Suisse SA, while simultaneously holding the positions of Regional Head of Private Banking for EMEA and Country Head Switzerland. Appointed as Interim CEO of Global Private Banking in December 2024 following Annabel Spring’s departure, Castello will continue in his current roles as CEO of the Swiss Private Bank and Head of Global Private Banking for EMEA until further notice. He reports to Barry O’Byrne, CEO of International Wealth and Premier Banking, and remains fully empowered in his role while HSBC conducts a recruitment process for the permanent Global Private Banking CEO position.

Dr. Yannick Hausmann was appointed as Non-Executive Chair of the Board in May 2023, succeeding Dr. Andreas von Planta who retired after serving 12 years in the position. Dr. Hausmann brings extensive experience to the role and provides oversight of the bank’s strategic direction and governance framework. His appointment reflects HSBC’s commitment to maintaining strong local governance while leveraging global expertise in the Swiss market.

John Shipman was appointed interim CEO of HSBC Private Bank Suisse SA effective January 1, 2025, following organizational restructuring within HSBC’s private banking division. However, Shipman subsequently departed to join Barclays in November 2025, highlighting the ongoing executive turnover within the institution. Daniel Calado was subsequently appointed as the new interim head of the Swiss private bank following Shipman’s departure.

Richard Blackburn was appointed Group Chief Risk and Compliance Officer for HSBC Holdings in April 2025, having previously served in the role on an interim basis since January 2025. With over 20 years of experience at HSBC and 35 years total in financial services, Blackburn brings deep expertise in risk management and regulatory compliance. He serves on the Group Operating Committee, which represents the bank’s most senior decision-making group under CEO Georges Elhedery.

4) Ownership

HSBC Private Bank Suisse SA operates as a wholly-owned subsidiary within the complex multinational structure of HSBC Holdings plc, one of the world’s largest banking and financial services organizations. According to the 2024 simplified structure chart, the Swiss entity is directly owned by HSBC Bank plc, which itself is a major subsidiary of HSBC Holdings plc based in London. HSBC Holdings plc serves as the ultimate parent company and holding company for the entire HSBC Group, maintaining its status as a public limited company incorporated in England and listed on the London, Hong Kong, New York, and Bermuda stock exchanges.

The ownership structure reflects HSBC’s strategic approach to global private banking consolidation. HSBC Private Bank Suisse SA is organized under the European division of HSBC Bank plc, alongside HSBC Continental Europe and HSBC Bank Malta plc, which together form part of HSBC’s non-ringfenced banking operations in Europe. This organizational alignment positions the Swiss entity within HSBC’s International Wealth and Premier Banking division, established through the Group’s reorganization completed in January 2025.

Within Switzerland, HSBC Private Bank Suisse SA operates as the direct shareholder of two subsidiaries: HSBC Financial Services Lebanon S.A.L., a joint stock company established as a financial institution with its registered office in Beirut and regulated by the Central Bank of Lebanon, and Republic Nominees Limited, incorporated in Guernsey, Channel Islands, which serves as an unregulated holding company for investments as nominee for third parties. The Swiss Financial Market Supervisory Authority has exempted HSBC Private Bank Suisse SA from requirements to present consolidated accounts due to the relative materiality of these subsidiaries.

The ownership structure has undergone strategic refinements in recent years to optimize HSBC’s European operations. In November 2023, HSBC Continental Europe acquired HSBC Private Bank Luxembourg S.A. from HSBC Private Bank Suisse SA as part of implementing the Intermediate Parent Undertaking structure in line with European Union Capital Requirements Directive V. This transaction represented the final step in establishing HSBC’s streamlined European banking framework while maintaining the Swiss entity’s focus on private banking services.

HSBC Holdings plc, as the ultimate parent, maintains approximately USD 3.017 trillion in total assets as of December 2024 and operates through a global network spanning 58 countries and territories. The parent company’s ownership structure includes significant institutional investors, with major shareholders including Ping An Asset Management Co., Ltd. holding 8.46% of shares, Norges Bank Investment Management holding 3.363%, and The Vanguard Group, Inc. holding 3.026% as of the most recent disclosure. This diversified ownership base provides stability and strategic support for HSBC Private Bank Suisse SA’s operations within the broader Group structure.

5) Financial Position

HSBC Private Bank Suisse SA demonstrated robust financial performance in 2024, posting a profit before tax of CHF 64.1 million compared to a loss after tax of CHF 352.9 million in 2023. On an underlying basis, adjusting for non-recurring value adjustments of CHF 375.9 million recognized in 2023 primarily related to the full amortization of the purchase price of the Private Banking business in Guernsey and the loss on sale of HSBC Private Bank Luxembourg SA to HSBC Continental Europe, the 2024-2023 variation showed an increase in profit after tax of CHF 30.4 million on a like-for-like basis. The bank’s profit after tax for 2024 reached CHF 53.4 million, marking a significant turnaround from the previous year’s losses.

Total client assets amounted to CHF 81.2 billion at December 31, 2024, representing a 12% increase compared to the previous year, reflecting positive net new money inflows of CHF 1.1 billion and favorable market performance coupled with positive foreign exchange gains. This growth trajectory reinforced the bank’s position as the largest foreign-headquartered private bank in Switzerland by client assets and the 10th largest private bank in the country overall, according to the 2024 ZHAW School of Management and Law report. The institution achieved distinction as the fastest-growing private bank in Switzerland among peers of similar size during 2024.

The bank’s operational revenue streams showed strong performance across multiple areas. Net result from interest operations increased by CHF 47.8 million to CHF 204.9 million, driven by higher spreads following re-pricing activity and higher average interest rates obtained on lending balances. Net income from commissions grew by CHF 23.4 million to CHF 161.3 million, attributed to core growth with Assets under Management generating additional revenues and increased brokerage fees from Structured Products income. The result from trading operations reached CHF 27.6 million compared with CHF 14.4 million in 2023, primarily related to higher foreign exchange trading activities and increased brokerage on securities transactions.

The bank maintained solid regulatory capital and liquidity positions throughout 2024. The Common Equity Tier 1 capital ratio stood at 17.6% and the Total Capital ratio reached 21.6%, both well above regulatory requirements. The Liquidity Coverage Ratio averaged 174% during the fourth quarter of 2024, while the Net Stable Funding Ratio reached 138% at year-end December 2024. Customer deposits totaled CHF 16.1 billion, while loans to customers amounted to CHF 10.5 billion, reflecting the bank’s conservative approach to balance sheet management and strong liquidity position.

Operating expenses increased by CHF 48.4 million to CHF 323.3 million in 2024, reflecting the overall increase in full-time equivalent employees and strategic investments in front office resources as well as critical control roles to support safe growth. The bank added 107 roles during 2024, including new positions and replacements, as part of its continued strategy to attract external talent while promoting internal candidates. This expansion included enhanced front office coverage and productivity with a new team serving Nordic clients and increased coverage for Saudi, United Arab Emirates, Greek, and Israeli clients.

The financial stability of HSBC Private Bank Suisse SA is further supported by its position within the broader HSBC Group structure. As a wholly-owned subsidiary of HSBC Holdings plc, which maintains approximately USD 3.017 trillion in total assets as of December 2024, the Swiss entity benefits from the parent company’s strong capital generation and global financial resources. HSBC Holdings plc reported a Common Equity Tier 1 capital ratio of 14.9% and announced distributions of USD 26.9 billion to shareholders in respect of 2024, including share buybacks of USD 11 billion, demonstrating the Group’s robust financial position and ability to support its subsidiaries.

6) Market Position

HSBC Private Bank Suisse SA has established itself as a dominant force in the Swiss private banking landscape, ranking as the largest foreign-headquartered private bank in Switzerland by client assets and the 10th largest private bank in the country overall according to the 2024 ZHAW School of Management and Law report. The institution distinguished itself as the fastest-growing private bank in Switzerland among peers of similar size during 2024, reflecting its competitive positioning and strategic execution in a highly contested market.

The Swiss private banking market presents a complex competitive landscape where HSBC Private Bank Suisse SA competes against both global universal banks and specialized local institutions. The bank operates within Switzerland’s concentrated wealth management sector, which manages CHF 7.8 trillion in global assets under management across 66 banks, with UBS dominating 67% of total industry assets following its acquisition of Credit Suisse. This competitive environment requires HSBC Private Bank Suisse SA to differentiate itself through specialized services and international connectivity rather than pure scale.

HSBC Private Bank Suisse SA leverages its position within the broader HSBC Group network to offer unique competitive advantages in cross-border wealth management. The bank’s integration with HSBC’s Corporate and Institutional Banking division provides clients with institutional-style opportunities typically unavailable through traditional private banks. This universal banking model enables access to over 60 markets through HSBC’s Private, Commercial and Global Markets Banking teams, positioning the bank as a natural choice for internationally mobile entrepreneurs and multinational families requiring sophisticated cross-border services.

The bank’s strategic positioning emphasizes serving ultra-high-net-worth individuals, families, and entrepreneurs across Europe, the Middle East, Asia, and Switzerland. HSBC Private Bank Suisse SA has enhanced its front office coverage with specialized teams serving Nordic clients and increased coverage for Saudi, United Arab Emirates, Greek, and Israeli clients. The establishment of a Swiss-based Asia desk in 2023 created seamless connectivity between EMEA and Asian markets, leveraging HSBC’s considerable presence and expertise in growth markets where many Swiss competitors have limited reach.

HSBC Private Bank Suisse SA faces ongoing competitive pressure in the Middle Eastern client segment, historically a key growth market for Swiss private banks. The bank terminated relationships with over 1,000 wealthy Middle Eastern clients during 2025, including many with assets exceeding $100 million, as part of risk management measures following regulatory scrutiny. This strategic retrenchment reflects broader industry challenges in balancing growth ambitions with compliance requirements, creating opportunities for competitors while potentially concentrating HSBC’s focus on lower-risk, higher-margin client segments.

The bank’s regulatory standing presents both challenges and competitive implications. Following FINMA’s enforcement proceedings concluded in June 2024 regarding anti-money laundering compliance failures, HSBC Private Bank Suisse SA faces restrictions on accepting new politically exposed persons until comprehensive reviews are completed. While this limits certain business development activities, the bank’s proactive approach to compliance reform and voluntary implementation of enhanced governance measures may strengthen its long-term competitive position relative to institutions with less robust risk management frameworks.

7) Legal Claims and Actions

In June 2024, the Swiss Financial Market Supervisory Authority (FINMA) concluded enforcement proceedings against HSBC Private Bank Suisse SA, finding the bank had seriously violated anti-money laundering laws. The violations related to two high-risk business relationships involving politically exposed persons and transactions totaling more than USD 300 million between 2002 and 2015. FINMA determined that funds originating from a Lebanese government institution were transferred to Switzerland and then back to accounts in Lebanon, with the bank failing to adequately check the origin, purpose, or background of the assets. As a result, FINMA prohibited the bank from entering new business relationships with politically exposed persons until a comprehensive review of all high-risk relationships is completed and monitored by an audit agent.

Following the FINMA ruling, Swiss and French law enforcement authorities opened investigations into HSBC Private Bank Suisse SA for suspected money laundering in connection with the same two historical banking relationships. The Swiss probe, opened in January 2025, is linked to an ongoing case against Lebanon’s former central bank governor, Riad Salameh, concerning the alleged embezzlement of public funds. In a related development, the Lebanese government filed a lawsuit against HSBC in Switzerland on January 14, 2025, accusing the bank of failing to conduct proper due diligence on the origin of the funds involved in the Salameh case.

In January 2024, a U.S. Bankruptcy Court judge ruled that HSBC Private Bank Suisse SA must face a clawback lawsuit seeking to recover over USD 124 million in redemption payments the unit received from Fairfield Sentry and Fairfield Sigma, feeder funds for Bernard Madoff’s Ponzi scheme. Parent company HSBC Holdings disclosed in October 2025 that it had taken a USD 1.1 billion provision for this suit, which significantly impacted its third-quarter profit.

In December 2019, HSBC Private Bank Suisse SA entered into a three-year deferred prosecution agreement with the U.S. Department of Justice and agreed to pay USD 192.35 million to settle an investigation into its role in helping U.S. clients evade taxes on as much as USD 1.26 billion in undeclared assets between 2000 and 2010. Previously, in November 2014, the U.S. Securities and Exchange Commission charged the Swiss unit USD 12.5 million for providing unregistered brokerage and advisory services to U.S. clients.

8) Recent Media

Following the FINMA ruling, HSBC disclosed in its July 2025 interim results that law enforcement authorities in Switzerland and France had opened investigations into HSBC Private Bank Suisse SA for suspected money laundering in connection with “two historical banking relationships.” Media reports and a statement from Switzerland’s Office of the Attorney General in July 2025 specified that the Swiss probe, opened in January 2025, is linked to an ongoing case against Lebanon’s former central bank governor, Riad Salameh, concerning the alleged embezzlement of public funds. In a related development, the Lebanese government filed a lawsuit against HSBC in Switzerland on January 14, 2025, accusing the bank of failing to conduct proper due diligence on the origin of the funds involved in the Salameh case.

In August 2025, it was reported that HSBC Private Bank Suisse SA was terminating relationships with over 1,000 wealthy clients from the Middle East, including from Saudi Arabia, Lebanon, Qatar, and Egypt, many with assets over $100 million. This move was reported as an effort to lower exposure to high-risk individuals amid heightened regulatory scrutiny. The bank has previously reshaped its client book, including the June 2014 sale of a CHF 12.5 billion portfolio of private banking assets to LGT Bank (Switzerland) Ltd as part of a strategy to reduce its client footprint from approximately 150 countries to around 70.

A series of executive and staff movements at the Swiss private bank were reported in 2024 and 2025. Following the December 2024 departure of Annabel Spring, the head of Global Private Banking and Wealth, John Shipman was appointed interim CEO of the Swiss Private Bank, effective January 1, 2025. However, by November 2025, reports emerged that the Swiss unit was increasing compensation for some staff, including relationship managers, to stem a number of recent exits, including that of Mr. Shipman, who was set to join Barclays. Daniel Calado was subsequently appointed as the new interim head of the Swiss private bank. The departures reportedly contributed to client asset outflows of approximately $4 billion at the start of the year.

Legacy legal and compliance issues continue to attract media coverage. In January 2024, a U.S. Bankruptcy Court judge ruled that HSBC Private Bank Suisse SA must face a clawback lawsuit seeking to recover over USD 124 million in redemption payments the unit received from Fairfield Sentry and Fairfield Sigma, feeder funds for Bernard Madoff’s Ponzi scheme. Parent company HSBC Holdings disclosed in October 2025 that it had taken a USD 1.1 billion provision for the suit, which impacted its third-quarter profit. In December 2019, the bank entered into a three-year deferred prosecution agreement with the U.S. Department of Justice and agreed to pay USD 192.35 million to settle an investigation into its role in helping U.S. clients evade taxes on as much as USD 1.26 billion in undeclared assets between 2000 and 2010.

Earlier historical events with lasting reputational impact also resurfaced in recent reports. The International Consortium of Investigative Journalists’ “Swiss Leaks” investigation, based on data stolen by former IT employee Hervé Falciani in 2008, exposed how HSBC Private Bank Suisse SA allegedly profited from doing business with criminals, arms dealers, and tax evaders, holding more than USD 100 billion in secret accounts. Client data for up to 24,000 accounts was compromised in the theft.

9) Strengths

Global Network and International Connectivity

HSBC Private Bank Suisse SA leverages the strength of HSBC Holdings plc, one of the world’s largest banking and financial services organizations with USD 3.017 trillion in assets as of December 2024, operating across 58 countries and territories. This extensive global network provides clients with unique international connectivity and cross-border wealth management capabilities that distinguish the bank from purely local competitors. The institution serves as HSBC’s largest booking centre in Europe, managing EUR 153 billion in client assets at the end of 2022, and benefits from seamless integration with HSBC’s Corporate and Institutional Banking division, offering clients access to institutional-style opportunities typically unavailable through traditional private banks.

Market Leadership in Swiss Private Banking

According to the 2024 ZHAW School of Management and Law report, HSBC Private Bank Suisse SA holds the distinction of being the largest foreign-headquartered private bank in Switzerland by client assets and ranks as the 10th largest private bank in the country overall. The institution achieved recognition as the fastest-growing private bank in Switzerland among peers of similar size during 2024, demonstrating its competitive positioning and strategic execution in the highly contested Swiss wealth management market.

Strong Financial Performance and Capital Position

HSBC Private Bank Suisse SA delivered robust financial results in 2024, posting a profit before tax of CHF 64.1 million and achieving total client assets of CHF 81.2 billion, representing a 12% increase compared to the previous year. The bank maintains solid regulatory capital ratios with a Common Equity Tier 1 capital ratio of 17.6% and Total Capital ratio of 21.6%, both well above regulatory requirements. The Liquidity Coverage Ratio averaged 174% during the fourth quarter of 2024, while the Net Stable Funding Ratio reached 138% at year-end, reflecting the bank’s conservative approach to balance sheet management.

Historical Heritage and Swiss Banking Expertise

The bank traces its Swiss heritage to 1894 through the acquisition of Guyerzeller Bank, originally founded by Swiss engineer Adolf Guyer-Zeller to finance the construction of the Jungfrau railway, providing over 130 years of Swiss banking expertise. This extensive heritage combines international scale with local Swiss expertise in wealth management, asset management, and corporate banking services. The institution’s roots in Switzerland and integration of Swiss banking traditions with global capabilities create a unique value proposition for clients seeking both local expertise and international reach.

10) Potential Risk Areas for Further Diligence

Regulatory Compliance and Anti-Money Laundering Risk

HSBC Private Bank Suisse SA faces significant regulatory compliance risks following FINMA’s June 2024 enforcement proceedings that found serious violations of anti-money laundering laws. The bank failed to conduct adequate due diligence on two high-risk business relationships involving politically exposed persons, with transactions totaling over USD 300 million between 2002 and 2015. FINMA prohibited the bank from entering new business relationships with politically exposed persons until comprehensive reviews are completed under independent audit oversight. The delayed reporting to Swiss authorities until September 2020, despite closing the relevant accounts in 2016, demonstrates systemic compliance gaps that require ongoing monitoring.

Ongoing Criminal Investigation Risk

The bank currently faces active criminal investigations by Swiss and French law enforcement authorities regarding suspected money laundering activities connected to two historical banking relationships. Swiss federal prosecutors opened the investigation in January 2025, linked to allegations involving former Lebanese central bank governor Riad Salameh and his brother. HSBC disclosed in July 2025 that these investigations could have significant consequences for the institution, though the timing and scope of potential impacts remain unpredictable. The investigations represent material reputational and financial exposure that could result in substantial penalties or operational restrictions.

Legal Action and Civil Liability Risk

The Lebanese government filed a lawsuit against HSBC Private Bank Suisse SA in Switzerland on January 14, 2025, accusing the bank of failing to conduct proper due diligence on the origin of funds involved in the Salameh case. Additionally, a U.S. Bankruptcy Court ruled in January 2024 that the bank must face a clawback lawsuit seeking to recover over USD 124 million in redemption payments from Madoff feeder funds, with HSBC Holdings taking a USD 1.1 billion provision for this suit in October 2025. These active legal proceedings create ongoing litigation exposure and potential financial liabilities.

Historical Data Security and Cybersecurity Risk

The bank suffered a significant data theft in 2008 when former IT employee Hervé Falciani stole client information affecting approximately 24,000 Swiss client accounts. While HSBC invested over CHF 100 million in security system upgrades following the incident, the theft exposed systemic vulnerabilities in data protection and highlighted the ongoing risk of insider threats. The stolen data formed the basis of the “Swiss Leaks” investigation that revealed the bank’s involvement with questionable clients and practices, creating lasting reputational damage and demonstrating the potential for historical security breaches to have long-term consequences.

Client Concentration and Revenue Risk

HSBC Private Bank Suisse SA has terminated relationships with over 1,000 wealthy Middle Eastern clients during 2025, including many with assets exceeding USD 100 million, as part of risk management measures following regulatory scrutiny. This strategic retrenchment resulted in client asset outflows of approximately USD 4 billion at the start of 2025 and represents a significant reduction in fee-generating assets. The bank’s historical reliance on high-risk client segments creates concentration risk, and ongoing restrictions on accepting new politically exposed persons limit business development opportunities in traditional growth markets.

Executive Turnover and Key Person Risk

The bank has experienced significant executive instability with multiple leadership changes in 2024 and 2025, including the departure of Annabel Spring as head of Global Private Banking and Wealth in December 2024, followed by interim CEO John Shipman’s departure to join Barclays in November 2025. The institution has implemented compensation increases for some staff, including relationship managers, to stem further exits. These departures and the associated client relationship disruptions highlight key person dependencies and the potential for further talent attrition to impact client retention and operational continuity.

Legacy Regulatory Settlement Compliance Risk

HSBC Private Bank Suisse SA operates under a three-year deferred prosecution agreement with the U.S. Department of Justice that commenced in December 2019, requiring ongoing compliance with specific anti-money laundering and reporting obligations. Any violation of the agreement terms could result in renewed prosecution for conspiracy charges related to facilitating USD 1.26 billion in undeclared U.S. assets between 2000 and 2010. The bank must continue demonstrating “good conduct” and maintaining enhanced compliance frameworks throughout the agreement period, creating ongoing regulatory supervision and potential enforcement risk.

Sources

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