Your definitive guide to the highs and lows of 2018: finews.asia features a year-end wrap for four banks describing the highlights of 2018. The third part of the series is about HSBC.
2018 was the year HSBC finally paid heed to what bankers, analysts and clients had been saying for a while – its private bank in Asia had entrenched advantages few other players could replicate. All it had to do was capitalise on them.
And in 2018, it announced that it would do just that. After years of somnambulistic staffing during which senior staff were commandeered from other parts of the bank, HSBC announced that it would add 240 new hires to its private bank by 2019, the majority of which would be based in Asia.
Shifting of Gears
The announcement signalled a shifting of gears from a «keeping the lights on» strategy to an aggressive growth plan.
With $330 billion in assets under management, the bank in its new avatar is expected to close the gap with Swiss rival Credit Suisse. Around 70 of the new hires will be in Hong Kong with another 40 in Singapore. Roughly 100 of the total will fall to U.K. and Channel Islands, Switzerland, Luxembourg, France, Germany and Middle East.
The team will include relationship managers, investment counsellors, credit advisers, wealth planners and account support staff. HSBC employs roughly 3,000 in its wealth arm – one of the world’s largest.
Demonised as a Perpetrator
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