HSBC to add 1000 to China’s retail and wealth unit headcount
(27 March 2017 – China) According to reports, HSBC plans bolster its Chinese retail and banking and wealth management arm with 1,000 new hires this year.
The publication quoted Kevin Martin, HSBC's Asia Pacific head of retail banking and wealth management, who added that the majority will be based in the Pearl River Delta.
The additional hires will add to the current headcount of around 2,400 for the business unit, and double those hired in the last year in China.
"We have done a lot of things in the Pearl River Delta ... It remains one of the key opportunities for us,” Martin said.
Of the total 2,400 staff for retail and wealth management in China, about 800 are in the Pearl River Delta, the bank said, adding 60 percent of the hiring last year was for the southern region that counts Shenzhen and Guangzhou among its biggest cities.
In February, HSBC Group Finance Director Iain Mackay said the bank's operating profit in China in 2016 was about US$200 million lower than in 2016, due to investments to grow the Pearl River Delta business and in financial-crime risk-management standards in China.
Chief Executive Stuart Gulliver said in early 2016 that the bank, which is facing downward pressure on its revenue in 2017 due to regulatory costs and lower rates in Britain, planned to hire 4,000 new staff in the region over five years instead of its initial three-year target.
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