HSBC’s U.S. unit has appointed an executive who oversaw its first green wealth initiative to lead its wealth management division, showing the U.K.-based bank’s increased commitment to sustainable investing.
Mark Pittsey, interim head of HSBC Private Bank Americas, was named the new head of wealth at HSBC Bank USA effective immediately, the company said Wednesday.
Pittsey’s position was created through a restructuring of wealth and private banking divisions at the world’s sixth-largest bank by assets earlier this year, which formed one of the largest asset managers globally.
“I am excited to step into this new role and help continue transforming HSBC’s wealth proposition,” Pittsey said.
Pittsey joined HSBC in 2010 and served in a number of regional leadership roles in the Western U.S., including West Coast market head and head of HSBC Private Banking in the central and Western regions of the country. He started his interim posting in April.
Pittsey is also a senior sustainability leader for HSBC Private Banking and formed the bank’s first “green team” in the U.S.
Prior to his time at HSBC, Pittsey started his banking career in 1992 as a financial management advisor for Great Western Bank. A year later, he joined Wells Fargo Wealth Management Group as regional manager and then joined Deutsche Bank in 2007 as managing director.
In his new role, Pittsey will oversee all of HSBC’s wealth management in the U.S., including retail customers and ultrahigh net worth clients. He will report to Pablo Sanchez, HSBC’s regional head of wealth and personal banking in the U.S. and Canada.
“Through his nearly three decades of expertise, Mark has proven to be a standout senior executive and leader, managing teams who oversee the investment management, lending, trust, wealth planning and banking needs of high net worth and ultrahigh net worth clients,” Sanchez said.
HSBC in February moved to combine its retail banking and wealth management division with the global private banking unit, creating HSBC Wealth and Personal Banking. The new division has $1.4 trillion in combined assets.
The bank has also said it will launch a dedicated environmental, social and governance unit to attract a growing number of sustainable investment clients, following a record $130.9 billion issuance of sustainable bonds worldwide in the second quarter.
HSBC came out as the top green bond underwriter, with 6.3% market share, up 0.3% compared to last year. The group issued its first green bond in 2015.
“Post-COVID, we have a unique opportunity to rebuild our economies and companies so they are more financially resilient and can transition to more sustainable business models,” said Greg Guyett, co-CEO of global banking and markets at HSBC, in July.
--Additional reporting by Minyoung Park