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HSBC to hire 5,000 wealth planners as it increases investment, emphasis on Asia’s rich
- HSBC will invest US$3.5 billion in its wealth management operations as part of latest pivot to Asia
- Bank targeting additional 600 wealth planners in mainland China this year
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HSBC wants to bolster its position as top bank for high net worth and ultra high net worth clients in Asia, investing US$3.5 billion and hiring more than 5,000 people in its wealth management business over the next five years as it doubles down on future growth in the region.
As part of his latest strategy update on Tuesday, HSBC CEO Noel Quinn said the bank plans to invest US$6 billion in total in the region over the next five years and shift capital from underperforming businesses in Europe and the United States. The London-based lender generated 53 per cent of its revenue in Asia last year.
That will include a significant investment in its wealth management business as it targets wealthy clients in mainland China, Hong Kong and Singapore, as well as other parts of the region, senior executives said.
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The bank previously announced plans to hire as many as 3,000 wealth managers in mainland China by 2025 and now plans to add an additional 2,000 relationship managers, investment counsellors and other customer-facing roles in Asia in the coming years.
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“In the next five years, we plan to extend private banking in mainland China to 10 cities and more than double our Jade client base in mainland China and Singapore, where we will bolster our international wealth credentials,” said Greg Hingston, regional head of HSBC’s wealth and personal banking business.
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