Gabriel Castello, CEO of HSBC Switzerland, will assume the role of CEO of Global Private Banking and Wealth on an interim basis starting January 1. He will continue to serve as CEO of HSBC Private Bank in Switzerland, Country Head for Switzerland, and Regional Head of Global Private Banking EMEA, the bank announced on Thursday.

The recruitment process for a permanent appointment to this global position will commence immediately.

With 35 years of experience in the financial sector, Castello joined HSBC in 2022. He previously held several leadership roles at UBS and Caixabank, bringing international expertise spanning Europe, Latin America, and the Middle East.

The appointment of Castello reflects recognition of the strength of HSBC Switzerland’s private banking business. With the largest client assets among Swiss private banks with foreign parent compaies, it has recently experienced remarkable growth.

Next Phase of Reorganization

On Thursday, HSBC also announced a series of management changes and departures. In addition to the departure of Annabel Spring, the Global Head of Private Banking, the Co-Head of Investment Banking, Matthew Ginsburg, is also leaving the bank. Moving forward, Adam Bagshaw will lead the investment banking division alone.

The bank is implementing a new organizational structure with revised business units and regional divisions. «We have now completed the next phase of these critical changes, which will help accelerate the execution of our strategic priorities,» said CEO Elhedery regarding the transformations.