New | Despite global hiring and pay freeze by HSBC in 2016, bank still hiring in Hong Kong and Pearl River Delta

Banking giant HSBC told staff a worldwide hiring and pay freeze is locked into place for this year, but a senior official said hirings in Hong Kong and the Pearl River Delta of China will continue despite the tough economic conditions and a slowing Chinese economy.

Six out of every 10 jobs HSBC is recruiting is neither located in Hong Kong or Shanghai but are to be found in the bank’s newly found base of Guangdong. It is still hiring for Hong Kong and Shanghai - but more of the roles are replacements focused on operations rather than for new business.

From its new Pearl River Delta base, the bank is now actively hiring for business analysts, business developers and IT professionals to set up its new businesses for its investment banking push to be developed under the securities license that it is in the process of application.

“We still have many plans in place for the Pearl River Delta. As the economy slows, we may slow our hiring. But we plan to press forward with our regional initiative. Our direction is very clear,” Peter Wong, deputy chairman and chief executive of HSBC Asia-Pacific, said.

“We are focused on long-term developments. We still have China behind our back. We are very optimistic regarding growth here in the region.”

The email on the hiring and pay freeze was sent to HSBC staff on Friday as the bank, which has struggled over the past few years from poor results and a protracted restructuring, sought to cut costs by up to US$5 billion by the end of 2017.