HSBC Holdings said it is sticking with hiring plans for its wealth business in Asia following the surprise exit of two senior executives who pushed for the strategy.
The London-based bank with a strong franchise in Asia wants to hire more than 600 staffers by the end of 2022 for the business in the Asia-Pacific region, said Kevin Martin, regional head of retail banking and wealth management who was quoted in «Bloomberg». On Monday, it announced three key appointments, as reported by finews.asia.
A year ago, the lender said it would add more than 1,300 positions in retail and private banking in Asia by 2022. «We continue to double down on Asia, pivot to Asia, grow Asia wealth. That's exactly what we're doing. Nothing's changed,» said Martin, who was quoted in «Bloomberg». More than 300 are likely to be hired through this year within his division, which includes HSBC's Jade service that targets customers with account balances of more than $1 million, he added.
Heavyweight Exits
Despite the ambitious targets, a slower Hong Kong economy and the Huawei issue has rocked the lender recently. Aside from the departures of CEO John Flint and Greater China head Helen Wong last month, HSBC said last month it is cutting more than 4,000 posts, with a focus on senior executives. The group employed about 238,000 people as of June, according to its interim report.
The lender opened an outlet in Shanghai last month for its new Jade wealth program. It plans to open one in Beijing as well, and a few more in Hong Kong next year, Martin said. The focus of the hiring will be in Hong Kong, Singapore, and China.
