HSBC has nearly reached the halfway mark for the medium-term hiring target of its wealth management business in mainland China.
HSBC has hired 1,300 wealth managers in mainland China in the past year, according to an «SCMP» report citing chief executive Noel Quinn at a media briefing last week. This accounts for nearly half of the bank’s overall hiring target of 3,000 in the medium term.
In addition to headcount, HSBC has been also expanding its physical presence within the mainland. In April this year, the private banking business launched a branch in Shenzhen before extending to Chengdu and Hangzhou in October.
In 2021, HSBC announced that it would invest over $3.5 billion and hire 5,000 for the wealth management business in Asia. Mainland China was highly featured, especially in the Greater Bay Area where there are plans to triple the team size over the next three years.
