A reorganisation of HSBC’s Private Banking business in the US has lead to the closure of four of its regional centers and the hiring of former US Trust bank of America executive John Babcock.

HSBC confirmed it had closed its Boston, Washington, DC, Greenwich and Boca Raton operations. It is unclear how many advisors were employed by the firm in these centres.

Peter Fudge, New York-based chief of the Northeast region, left the business according to press reports.

The bank confirmed to WealthBriefing it had hired Mr Babcock, a former US Trust bank of America private wealth management managing director and metro New York market executive.

According to a statement from the firm, the reorganisation was a result of “a regular strategic review of our business” to enable the firm to better service its US clients “especially those with international needs that we do so through core office centres.”

HSBC Private Banking said it still had offices in the US located in Beverly Hills, Chicago, Los Angeles, Miami, Morristown, New York, San Francisco and Wilmington.