HSBC Private Banking has poached Cynthia Lee from JP Morgan to serve as its head of private wealth solutions for North Asia.
She has over 20 years of experience in wealth advisory and trust planning, with a focus on private clients and families.
At HSBC, Lee will be responsible for supporting the group's clients in their trust and estate planning, family governance, philanthropy and succession needs.
HSBC is aiming to significantly expand its Asian private banking business, including private wealth solutions, with 700 hires over the next five years.
Lee joins from JP Morgan Private Bank, where she was most recently managing director and head of wealth advisory for Asia.
The American bank plans to increase annual bonuses at its corporate and investment bank, as a growing number of Wall Street firms share proceeds from a busy year, according to a person briefed on the decision.
Average percentage increases will be in the mid-single digits, with equities traders and investment bankers probably getting more than that, the person said. The division accounts for about a third of the firm's revenue, Bloomberg reports.