As part of the bank’s $6bn investment in the region
HSBC is looking to hire more than 1,000 people within its wealth management business in Asia by the end of 2021.
The move follows the bank’s plans to invest $3.5bn (£2.5bn, €3bn) and recruit over 5,000 in its wealth operations over the next five years, according to newspaper
This is part of a $6bn investment in Asia, as the region is increasingly becoming one of the most profitable for the firm.
In Q1 2021 alone, Asia accounted for two-thirds of HSBC’s adjusted profit before tax for the wealth and personal banking businesses at around $1.2bn, according to Greg Hingston, regional head of wealth and personal banking.
Feb 26, 2021 Hubbis
Aims to become the leading wealth manager in Asia with expansion of affluent, private banking, asset management and insurance capabilities with plans to hire over 5,000 wealth roles in the next 5 years
HSBC announced it plans to invest over USD3.5 billion in the next five years to accelerate the growth of its Wealth and Personal Banking (WPB) business in Asia and drive its ambition to become the leading wealth bank in the region.
These investments will focus on expanding our wealth teams to increase distribution capabilities in Hong Kong, mainland China, and Singapore; enhancing our digital wealth capabilities and platforms across Asia and developing new products to deliver a distinctive wealth experience across the full customer spectrum, particularly for high net worth and ultra high net worth (HNW/UHNW) clients.
HSBC grooms top bankers for make-or-break push into China businesstimes.com.sg - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businesstimes.com.sg Daily Mail and Mail on Sunday newspapers.