HSBC Global Private Banking will employ up to 240 additional employees by early 2019, in order to “step up its focus on sustainable business growth.”

The bank said this would represent an increase of about 9% of HSBC private banking staff.

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HSBC Global Private Banking said it aims to add scale and capacity in client-facing and investment areas such as relationship management, investment counselling, investment products and services management.

Peter Boyles, CEO at HSBC Global Private Banking, said: “After strengthening our focus on HNW and UHNW 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.”

Most of the new hires will take place in Asia-Pacific, which is the fastest growing region for the bank’s private banking activity. The bank said it would invest heavily in its APAC wealth business over coming years.

By 2019 HSBC Global Private Banking is planning to recruit:

  • 70 staff in Hong Kong
  • 40 staff in Singapore
  • 100 staff across the UK, Channel Islands, Switzerland, Luxembourg, France, Germany and MENA

“This will help HSBC private banking capitalise on the annual wealth expansion in the region, which is projected to remain at nearly double-digit growth 2021.”

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HSBC Global Private Banking at present has almost 3,000 employees and about $330bn in client assets.

In May 2018, HSBC Global Private Banking, Americas launched the US-Asia Corridor Team made up of wealth management professionals with personal ties to Asian culture.

The team will include relationship managers, investment counsellors, credit advisers, wealth planners and account support staff.

Moreover, the new team will be fluent in Cantonese as well as Mandarin.

HSBC’s retail banking and wealth management unit also reported an adjusted pre-tax profit of $3.63bn for the first half of 2018, 7% higher than the previous year.