Revolut has big plans for its ex-HSBC private bankers
Having finally secured its UK banking license, the future looks bright for Revolut. Now, it's adding more licenses, one of which will be welcomed by its burgeoning private bank.
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Revolut has received FCA approval to provide "leveraged products, private wealth services and managed portfolio solutions." It has been building out its private bank since the start of last year, focused on ultra-high-net-worth clients ($1m+ net worth). The FT reported this week that Revolut seems to be expanding its remit to clients with a net worth of £500k ($667k) or more.
The general manager (GM) of private banking is London-based Matthew Wootton, who was previously head of US operations and strategy at Revolut. Its head of relationship management is Tom Marriage, who previously spent eight years at HSBC and was its head of UK sales effectiveness. In France, the most senior name appears to be Yann Bénard, formerly head of the Paris office for HSBC's wealth management team. Various legal, compliance and risk professionals in Revolut's private banking arm have also previously worked at HSBC.
Revolut currently has just three private banker listings, all of which are in the UK. One of them must be French-speaking, while one junior private banking role is available exclusively remotely.
More openings may come in Revolut's Paris office. It announced plans to create a new Western Europe HQ in the city last May, which it said would lead to the creation of ~200 jobs in the city.
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