HSBC has detailed its $17 billion multi-year expansion push including a hiring drive in Asia under its new Chief Executive John Flint. It is not only wealth managers who should be dusting off their CVs.
The British bank will hire more than 1,300 staff in Asia over the next four years, HSBC CEO John Flint told «Bloomberg» in an interview. The number eclipses what HSBC's top private bankers said last week – because the bank will hire more widely than just in wealth management, according to Flint.
Asia figures prominently in HSBC's push to add up to 240 private bankers to its adviser ranks by next year, as finews.asia has previously reported. HSBC employs roughly 3,000 in its wealth division – one of the world's largest.
Flint, who took the top HSBC job in February, revealed the bigger picture: the bank will split the 1,300 hires in the region roughly equally between retail banking and wealth management. The bulk of recruiting will focus on hubs Hong Kong and Singapore.
«Working in Concert»
The CEO said he is willing to spend as much as $17 billion on expanding, which includes technology upgrades. HSBC aims to lift revenue at least $1 billion hire by 2020 with the measures, he said.
«Both businesses need to do it in concert,» said Flint, referring to the bread-and-butter retail banking as well as more sophisticated services for the wealthy. His comments represent a rallying cry for HSBC to take on the top Asian wealth giants like UBS, Citigroup, and Credit Suisse.
On Tuesday, HSBC named António Simões, a former McKinsey partner who spent two years in Hong Kong, as the new boss for its global wealth arm. He replaces Peter Boyles, a 43-year veteran of HSBC who is retiring.
