HSBC Holdings has hired Hannes Hofmann, a long-time JPMorgan veteran, to lead its private investment operations for billionaires, marking the latest management shake-up in the financial giant's private banking division.

According to a statement from HSBC, Hofmann will join the bank on Thursday as global head of family offices, based in London. He previously held a similar role at Citigroup until last year.

In a parallel move, Cayman Wills will also leave Citigroup later this month to join HSBC as head of its US private bank. Wills previously managed Citigroup's ultra-high-net-worth client services across the northeastern United States.

These appointments follow the earlier arrival of Ida Liu, another former Citigroup executive, who joined HSBC at the start of this year to run the London-based bank's global private banking business, succeeding Gabriel Castello. Castello had been named interim chief executive of the wealth management division in late 2024, following the departure of Annabel Spring amid a management reshuffle led by group chief executive Georges Elhedery.

In the statement, Liu said the latest hires would help HSBC "expand" its relationships with some of the world's wealthiest families. Both Wills and Hofmann will report to Liu, though New York-based Wills will also have a dotted-line reporting structure to Racquel Oden, HSBC's US wealth management executive.

Hofmann, an Austrian native with an MBA from Stanford University, stepped down as Citigroup's global head of family offices at the end of 2025. Prior to that, he spent roughly two decades at JPMorgan, holding multiple senior positions serving affluent clients across the United States, Latin America, and Asia.