StanChart suffers senior private banker exits in Asia as unit earnings sag: sources

HONG KONG - Standard Chartered PLC has seen the departure of at least four senior Asia-based bankers from its private banking unit in recent months, three people with direct knowledge of the matter said, amid growing earnings pressure at the business.

Both Hong Kong-based Kwong and Lam joined StanChart in the first half of 2017 from the regional private banking unit of rival HSBC Holdings PLC. It was not immediately clear where the two are headed. A StanChart spokeswoman in Singapore declined to comment on recent staff exits in Asia, but said that the bank continued to invest in and hire for its private banking business in 2019.

StanChart’s private banking business unit provides services to wealthy individuals across Asia, Africa, the Middle East and Europe, through onshore booking centers in Singapore, Hong Kong, Dubai, India, London and Jersey. Chief Executive Bill Winters said at an earnings call last month that the private banking unit had added new relationship managers to serve its wealthy clients, and is investing more to “fundamentally transform” the business.

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