HSBC plans a major hiring push in private banking in the coming months. Asia, the world's fastest-growing wealth market, is at the center of the British giant's intentions.
London-based HSBC said it wants to ramp up its private banking ranks by 9 percent by next spring. The British bank seeks to appoint up to 240 new hires by then, it said in a statement.
«We are now entering a new phase of growth for which we are hiring talent across key markets,» said Peter Boyles, HSBC's head of private banking.
The bank, which manages $330 billion in client assets, will focus its hiring on Asia. «The majority of new hires will join in Asia-Pacific, HSBC Private Banking’s fastest growing region and the focus of considerable investment in the coming years as part of the group’s strategic aim to grow its overall Asia wealth business.»
China Push
Around 70 new colleagues will join this year in Hong Kong along with 40 in Singapore as part of the push. HSBC employs roughly 3,000 in its wealth division – one of the world's largest.
The move is part of a much-touted pivot to Asia by HSBC, which has outlined plans to invest $15 billion to $17 billion in its technology and business across Asia. In private banking, HSBC snapped up former J. Safra Sarasin banker Benedikt Maissen as well as Credit Suisse veteran Ken Tsang last month.
Like global rivals, HSBC is keen to link up its wealthy clientele with its investment bank. The bank is strong in Hong Kong, but plans to push beyond, including to China's Pearl River Delta, home to some of the world’s largest tech companies.
