The appointment is within the recently-reconfigured group that contains private banking, wealth management and retail functions.

HSBC Bank USA has appointed Mark Pittsey as the head of wealth for HSBC USA, with immediate effect. 

Pittsey is responsible for the entire wealth proposition across private management, spanning retail customers to ultra-high net worth clients. He reports to Pablo Sanchez, regional head of wealth and personal banking in the US and Canada, HSBC said.

Holding a number of senior posts, Pittsey joined HSBC in 2010 most recently serving as managing director and market head for the Central and Western Regions. He began his career with Wells Fargo Private Bank in 1992 and later joined Deutsche Bank Private Bank in 2007 as a regional manager for the Bay Area. Pittsey holds Series 4, 6, 7, 12, 24, 53, 63 and 65 securities licenses. He is a senior sustainability leader for HSBC Private Banking and formed the nank's first “Green Team” in the US. 

The changes follow the move by the UK/Hong Kong-listed banking group to fold its retail banking, wealth management and global private banking arms into a new Wealth and Personal Banking (WPB) unit. The bank is restructuring and shedding as many as 35,000 jobs across business lines worldwide, as part of a $4.5 billion cost reduction plan. That cut is out of 235,000 jobs, and reports say that about 25,000 jobs will go via natural attrition.