The top wealth manager at HSBC $HSBA (+2,56%)who is responsible for China, will soon leave her position as part of a leadership reshuffle in Asia as the lender also cuts hundreds of jobs in its digital wealth project in China.
Trista Sun, who headed the bank's International Wealth and Premier Banking (IWPB) in China, will leave her position on May 1 after more than three years, according to a memo released by the company on Tuesday.
Kai Zhang, the Asia head of IWPB, will relocate from Singapore to Shanghai and take on the additional role of acting head of IWPB China from the same date, the memo said.
A company spokesperson confirmed the contents of the memo.
Sun has been appointed managing director of strategic projects at IWPB - a newly created position. She will report to the head of global asset management, Barry O'Byrne, and will relocate from Shanghai to Hong Kong.
According to the bank, Sun will lead projects critical to accelerating IWPB's growth agenda, including increasing cross-border client acquisition and fund flow capture.
HSBC is reducing the number of employees in its Chinese digital wealth business Pinnacle by almost half, or around 900 people.
The headcount reduction represents a significant turnaround from the bank's ambitions for this unit as part of its expansion plans in China.