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Exclusive | HSBC accelerates China hiring as part of Asia push, global wealth CEO says
- HSBC has hired 400 client-facing personnel for its Pinnacle venture in China this year
- Bank is betting big in rising affluence in Asia, with US$3.5 billion investment
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HSBC has accelerated hiring plans for its wealth management business in China this year, as part of the lender’s big bet on rising incomes and wealth in Asia, according to Nuno Matos, the global head of the bank’s wealth and personal banking business.
In his first interview since relocating to Hong Kong, Matos said the bank had hired for about 400 client-facing roles for its mainland digital wealth planning venture, known as HSBC Pinnacle, and will have about 700 personal wealth planners on the ground by the end of the year.
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The hiring spree, part of a US$3.5 billion investment in its Asian wealth business over the next five years, comes as Beijing moves to further open its financial sector to foreign banks, including through the newly unveiled Wealth Management Connect scheme in the Greater Bay Area.
“That investment is going exactly at pace. The investment is being delivered to improve our platforms for private banking, for affluent wealth, to put everything we do in mobile,” Matos said. “Our ambition to be the leading Asian wealth manager is coming to fruition. We are already the leader in Hong Kong. We want to be the leader in Asia by 2025.”
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HSBC doubles down on Asia in massive staffing overhaul
HSBC doubles down on Asia in massive staffing overhaul
Matos is one of four senior executives shifting to Hong Kong from London this year as part of the bank’s latest pivot to Asia under CEO Noel Quinn.
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