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...
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