The head of HSBC's wealth management and retail banking business in the US is retiring, and the firm has recruited a successor from JP Morgan.

HSBC Bank USA has appointed Pablo Sanchez as head of retail banking and wealth management, succeeding Kevin Newman, who is retiring after 25 years at the firm.

Sanchez will be based in New York City and lead the US business that also includes mortgage and insurance, with oversight responsibility for the same business in Canada.

He joins from JP Morgan, where he held a number of retail banking leadership roles since 2006 and was most recently national director of consumer banking. Before that, he held executive roles at Home Loan Direct and in lending, mortgage, and retail operations at CitiMortgage – a subsidiary of Citigroup.