HSBC to hire up to 3,000 wealth planners in China as part of Asia expansion in next four years
- Wealth push comes as HSBC agreed this year to take control of its life insurance business in mainland China
- HSBC making a big bet on growth in the Greater Bay Area as part of wealth push
HSBC plans to hire between 2,000 and 3,000 wealth planners in China within the next four years as it shifts capital from underperforming businesses in Europe and the United States to Asia and looks to tap into growing incomes in the mainland.
“We actually see wealth and expansion in Asia, particularly in wealth, as a significant opportunity for new growth,” Noel Quinn, the HSBC chief executive, said during the second-quarter results presentation on Monday. “Revenue [in the future] will be less dependent on interest rates and more dependent on fees.”
02:05
HSBC sees second-quarter profits plunge by 82 per cent thanks to coronavirus
HSBC also is developing a fintech company in the mainland to support its increased wealth operations as China’s financial services industry further opens up.