HSBC to add 1,000 jobs at tech development centres in Guangzhou, Shanghai and Xian as it looks to grow in China
- London-based bank plans to spend up to US$3.5 billion a year on strengthening its tech operations
- HSBC is using its China-based tech centres to develop banking products for its global network
HSBC Holdings plans to add more than 1,000 jobs this year at its technology development centres in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.
Europe’s biggest bank by assets will boost headcount at its technology centres in Guangzhou, Shanghai and Xian by 14 per cent from a current 7,000-strong workforce, said HSBC chief information officer Darryl West.
In recent years the London-based bank has spent US$3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of US$3 billion to US$3.5 billion are planned over the next few years.
Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centres have now become a core part of their operations.
The centres develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.