London-headquartered HSBC has reportedly reached the halfway point for its wealth management hiring target in mainland China.
HSBC has hired around 1,500 wealth managers in mainland China since 2021, according to a «Reuters» report citing Trista Sun, the bank’s China head of wealth and personal banking. This marks the halfway mark of its previously announced target to increase the business’ headcount to 3,000 by 2025.
The hires will serve clients with a net worth of at least $250,000 through «HSBC Pinnacle», the bank’s digital and mobile wealth planning and insurance platform. Sun noted that growth in China’s wealth and insurance sector is outpacing forecasts for the country’s broader economy.
Last month, HSBC inked a deal to buy Citi’s retail wealth business in China which includes deposits and investment assets under management of approximately $3.6 billion from clients across 11 major cities.
