Citi hires top private banker from HSBC

* Recruits senior HSBC private banker

* Andrew Hodson to join Citi’s UK private bank

By Chris Vellacott

LONDON, May 5 (BestGrowthStock) – Citi Private Bank has poached a
senior HSBC (HSBA.L: ) banker to help run its British arm, as the
U.S. group moves to boost market share with an aggressive
international hiring spree.

According to an internal memo seen by Reuters, Citi has
hired Andrew Hodson, who ran HSBC’s ultra high net worth and
high net worth wealth management teams.

His appointment represents a significant move by the U.S.
lender amid increasingly cut-throat competition for private
bankers.

Citi, part of Citigroup (C.N: ), is the world’s third-largest
private bank by assets with around $1.3 trillion under
management, according to consultancy group Scorpio Partnership.
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A spokeswoman for HSBC confirmed Hodson’s departure.

Hodson’s hiring follows other high profile defections to
Citi from its competitors including Barclays Wealth (BARC.L: ).
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Citi said last week it had hired a senior banker from
Goldman Sachs (GS.N: ) to head its private banking business in
China. [ID:nSGE63T04L]

The U.S. bank has refocused its private banking arm since
the financial crisis, targeting super-rich clients worth more
than $25 million.

Citi sold a controlling stake in its Smith Barney retail
brokerage to Morgan Stanley (MS.N: ) (Read more about the money market today. ), moving away from a U.S-style
wealth management model catering for the moderately wealthy.

In a recent interview, Citi Private Bank’s global head Jane
Fraser said she was seeking to internationalise the client base
away from a U.S. focus and increase its share of group revenue.
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(Reporting by Chris Vellacott; Editing by David Holmes)

Citi hires top private banker from HSBC