(31 May 2006 – China) HSBC is set to increase its headcount in China by 25 percent by the end of 2006.The bank will also embark on a new branch program, boosting it to 23 in total, giving it the largest foreign bank network in China.
HSBC president and chief executive Michael Smith said the bank had to pace its expansion according to regulatory restrictions, which allows foreign banks to open just one new branch a year.
He said HSBC’s China headcount would increase to 5000 by the end of 2006 from the current number of 4000.
Most new jobs will be created in the bank’s wealth management and retail divisions.