HSBC PB Planning US Growth With Global Recruitment Push

Robbie Lawther

22 August 2018

HSBC Global Private Banking is planning to recruit new employees to its US operation as part of a global recruitment drive by early 2019. The bank wants to recruit around 240 people worldwide, which is an increase of around nine per cent to its private banking teams.

It aims to add “scale and capacity” in client-facing and investment-focused areas such as relationship management, investment counselling, and investment products and services management, HSBC said in a statement.

The majority of new hires will join in Asia-Pacific as the bank continues to focus its strategic plans to invest in its Asia wealth business. In order to support private banking growth, around 70 new colleagues are expected to join this year in Hong Kong and some 40 in Singapore.

The Europe, Middle East and Africa region plans to recruit more than 100 colleagues across the UK and Channel Islands, Switzerland, Luxembourg, France, Germany and MENA region by early 2019.

“With almost 3,000 employees and $330 billion in client assets, we are already one of the biggest global players in private banking. After strengthening our focus on high net worth and ultra-high net worth clients from a smaller number of markets, we are now entering a new phase of growth for which we are hiring talent across key markets,” says Peter Boyles, chief executive of HSBC Global Private Banking.

In August, this publication published HSBC's statement that its private banking’s adjusted pre-tax profit for the half year to 30 June stood at $190 million, up from $144 million in the same period a year ago.