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HSBC PB pulls from Deutsche Bank for wealth role

The new hire will lead wealth product strategy for the wealth management business, which is restructuring.

Lavanya Chari has been hired as global head of products, investments and collaboration, according to a statement from HSBC Private Banking.

Her role is effective from 20 July and she will be based in Hong Kong. Chari will report to the CEO of HSBC Private Banking and Annabel Spring, head of customers and products, wealth and personal banking.

Chari, who studied aerospace engineering at the Indian Institute of Technology, had been at Deutsche Bank since 2002. Her last position at Deutsche was global head of products and solutions for private banking.

At HSBC she will head the global investment products team, which addresses both private banking clients and personal banking customers.

In March, HSBC said it would restructure its wealth management business to combine both high net worth and retail investors in one unit. The revamp came after the bank was hurt by a $7.3bn drop in annual profit and pledged to ax 35,000 jobs or 15% of its global workforce over three years.

The bank has been reshuffling positions since then. In April, a chief operating officer for Asia-Pacific was plucked from JP Morgan Private Bank.

In March, it announced the internal promotion of Greg Hingston to head wealth and personal banking in Asia-Pacific.

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