Since the bank's announcement to shift the heart of business back to Asia, there has been a cascade of talent-related updates.
HSBC is following through on its US$3.5bn plan announced in February to hire more than 5,000 people in its wealth operations in the next five years. As shared by the South China Morning Post (SCMP) in an exclusive, the bank is reportedly eyeing to hire more than 1,000 new employees in its wealth management business in Asia by the end of this year.
"Our US$3.5bn investments are under way, enabling us to deliver a robust start in Asia this year,” Greg Hingston, Regional Head of Wealth and Personal Banking Business told SCMP. "We are seeing increased trading and investment activity from new and experienced investors on mobile and, with our relationship managers and wealth specialists, for more sophisticated needs."
Since the bank's announcement to shift the heart of business back to Asia, there has been a cascade of talent-related updates, especially in April. On 14 April, HSBC said it planned to move four senior executives from London to Hong Kong in the second half of this year. They are: CEOs of HSBC's global commercial banking, wealth and personal banking, global asset management units, and co-CEO of the global banking and markets division.
“I want more of our global executive team to be located in key growth regions, and Asia of course is central to our future growth, investment and innovation,” HSBC Chief Executive Noel Quinn wrote in a memo to employees, that was seen by AFP and published on CNA.
In late April, the banking giant rose fixed pay for junior investment bankers in key hubs and made plans to increase their headcounts. What's more, it shortened a four-year associate programme for certain groups in hub locations, meaning that associates with three years of experience will also be considered for promotion to VP and associate director level.
Headquartered in London, HSBC makes 90% of its profit in Asia, especially in Mainland China and Hong Kong, as cited in the CNA report.