HSBC Says Safra Stole Employees, Private Banking Clients

Law360, Miami (August 8, 2013, 8:58 PM EDT) -- A unit of HSBC Holdings PLC on Wednesday sued Safra National Bank of New York for allegedly poaching seven bankers responsible for $4 billion in private banking assets and attempting to steal clients.

HSBC Private Bank International sued Safra and five of the former HSBC bankers, all of whom worked in a division that provided wealth management services for high net worth clients in Central America, for allegedly conspiring to help Safra build a Latin American private banking business to compete directly with HSBC.

“The employee...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.