HSBC is looking to hire more than 1,000 people within its wealth management business in Asia by the end of 2021.
The move follows the bank’s plans to invest $3.5bn (£2.5bn, €3bn) and recruit over 5,000 in its wealth operations over the next five years, according to newspaper South China Morning Post.
This is part of a $6bn investment in Asia, as the region is increasingly becoming one of the most profitable for the firm.
In Q1 2021 alone, Asia accounted for two-thirds of HSBC’s adjusted profit before tax for the wealth and personal banking businesses at around $1.2bn, according to Greg Hingston, regional head of wealth and personal banking.
Revenue in HSBC’s Asian wealth business soared by 57% in the first three months of 2021, while wealth balances in the region increased by 18%.
Similarly, net now money into the Asian private banking nosiness grew by 89% to $6.6bn in the quarter, as regional assets under management rose by 29% to $3.3bn.
“Our $3.5 billion investments are under way, enabling us to deliver a robust start in Asia this year,” Hingston 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.”
