HSBC’s Swiss private bank is boosting staff pay to retain employees after key executives left. The bank is also seeking leadership support from its Middle East business. Samir Assaf, from HSBC’s Middle East arm, is advising the Swiss private bank amid the departures. The move comes as HSBC aims to grow its Wealth business.

In response to recent exits, HSBC has increased pay for some staff, including relationship managers. Interim head John Shipman departed for Barclays. Samir Assaf, chairman of HSBC’s Middle East business, is advising the Swiss private bank. HSBC stated they continue to attract top talent and invest in their people.

HSBC’s Swiss business is ending relationships with over a thousand wealthy clients in the Middle East with assets over $100m. Swiss regulator Finma is scrutinizing the Swiss private bank for inadequate due diligence on high-risk accounts. Swiss prosecutors have opened an investigation into the division following Shipman’s departure.

Retention packages, like the increased pay at HSBC’s Swiss private bank, are common during times of uncertainty. Competitors may try to attract talent with competitive offers. UBS awarded $500m in retention packages to Credit Suisse staff after the merger of Switzerland’s largest banks.

Read more at Yahoo Finance: HSBC Swiss private bank increases staff pay amid executive exits-report