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Wells Fargo hires another ex-HSBC private banker

Wells Fargo hires another ex-HSBC private banker

Wells Fargo Advisors has hired its third HSBC private banker since the British bank announced it was refocusing its Latin American business in September.

Miami-based Federico Gitron joined Wells Fargo Advisors in mid-October as a managing director and an international financial advisor, a spokesperson from the firm confirmed.

The firm declined to comment further. However, Citywire Americas understands Gitron managed a client book of Uruguayan and Argentinean clients.

In early September, HSBC Private Bank announced it would only service Latin American clients based in the core markets of Argentina, Brazil, Chile and Mexico and transferred its remaining business and their respective bankers to UBS Wealth Management Americas, which would have included Uruguayan assets.

HSBC declined to comment on the exit. 

Later that month Wells Fargo hired two HSBC private bankers with Mexican clients, Miguel Monnichmeyer, who was a lead producer at HSBC, and Oscar Gonzalez. It was understood Wells could acquire a combined range of assets between $800 million and $1 billion with the hires.

Despite dropping countries from its private banking coverage in Latin America, HSBC has told Citywire Americas it is looking to hire more relationship managers to scale its business in its four core markets in the region.

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