In April 2021, Tara Latini was elevated from HSBC's head of wealth and personal banking in Malaysia to a similar position in the U.S. The move was a precursor to the bank's announcement a month later that it was exiting the mass-market retail business in the U.S., focusing instead on "globally connected affluent and high-net-worth clients."
Latini was a key decision-maker in the strategy shift. She has served multiple leadership roles at HSBC including program director of global retail banking and wealth management transformation.
The move wasn't a surprise, as HSBC has been struggling for years in the U.S. market. In addition to withdrawing from smaller customers, the bank agreed to sell its East Coast business to Citizens Bank and its West Coast business to Cathay Bank. And 22 HSBC branches in the U.S. have been repurposed as "international wealth centers."
To Latini, the shift in strategy has meant increased profitability and productivity in U.S. operations. And there is perhaps more alignment between the U.S. arm of the London-based bank and other operations, including hubs in China and Hong Kong, she said.
Over a Zoom call, Latini deflected credit, calling it a "consensus" decision reached with team members. She emphasized that most important in helming U.S. operations is to ensure that "employees be involved in all the changes."
Latini also stressed a conscientious approach toward recruiting. "We have developed a really disciplined recruiting process," including making sure women are well represented on interview panels, she said.
Latini has seen progress for women over her 29 years in the industry. Today, she is rarely the lone woman in the room. But asked what must yet change for women in the banking profession, Latini replied, "One of the things I'd like to see is that we're not asking this question anymore."
