The British multinational investment bank and financial services holdings company HSBC plans to add 5,000 staff in Asia.
To become the region’s top wealth manager and to reverse the years of underperformance.
The bank plans to add investment counsellors, specialists and relationship managers to serve their clients in Singapore, Mainland china and Singapore.
In a statement the bank mentioned that the hiring spree is part of the bank’s plan to invest $3.5 billion dollars in Asian wealth management business.
Nuno Matos, The CEO of Wealth and personal banking at HSBC Holdings said:
“We have a bold but achievable ambition, to be Asia’s leading wealth management provider by 2025,”
“supporting Asian, international and HSBC-connected clients, wherever their wealth is created, invested and managed,
“Our wealth expansion is already underway.”
Expansion of wealth management in Asia and an exit from retail banking business in France and USA,
is Noel Quinn’s strategy to win over investors.
Noel Quinn has embarked a total of $6 billion for investment in Asia,
Over five years he expects the region will account for half the bank’s capital allocation.
The London head quartered bank hopes that the additional staff and investment will help it take a bigger share of the world’s fastest-growing market for wealth management services.
Nuno Matos also said that the bank’s new investments will allow them to grow assets under management,
in Asia faster than the market and increase the contribution of wealth to total wealth and personal banking revenues.
Ron Ghose, An analyst at Citigroup in Hong Kong said:
“Growing in wealth is a strategic ambition for most banks,”
“will struggle to compete with local Chinese banks for Chinese mass-affluent clients with greater distribution reach,
and we believe it does not have the same capabilities as the likes of Credit Suisse and UBS to be able to compete for ultra high-net-worth clients outside of Hong Kong.”
