HSBC will continue to expand its wealth management efforts in Asia this year with plans to reportedly match the number of staff hired in 2021.
After adding 1,200 new staff in Asia in 2021, HSBC’s wealth management and personal (WPB) unit will look to hire more or less the same amount this year in the region, according to a «Wall Street Journal» report.
This includes the expansion of HSBC Pinnacle – the bank’s branchless fintech business in mainland China – from around 700 staff currently to 1,000 or more.
Asia Expansion Plans
The latest update is part of HSBC’s ongoing plans announced last year to hire 5,000 wealth managers and invest $3.5 billion in its Asia wealth unit over the next five years.
«Asia is where we are doubling down our efforts not only because Asia wealth is growing twice as fast as the rest of the world, but also because we are the bank of Asia,» said Nuno Matos, HSBC’s WPB chief executive, adding that one-third of the customers are from the region.
