UK-based HSBC is looking for hundreds of bankers to serve HNWIs as it seeks a larger share of the UK wealth management sector.
This is according to The Guardian which also stated that HSBC is aiming to fortify its UK wealth arm by recruiting relationship managers.
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According to a source close to the process, this will lead to hundreds of hirings that will be tasked with doubling assets under management at the firm.
Only last month, Nuno Matos, head of wealth and personal banking at HSBC, stepped down to pursue other opportunities, one of several key changes in the company’s leadership, as Georges Elhedery takes over as CEO.
Reported by Reuters, Barry O’Byrne, the CEO of the lender’s commercial bank, will take over for Matos at HSBC. This move indicates that Elhedery prefers strategic continuity over a significant transformation of the wealth business under the direction of an outsider recruit.
The wealth division that O’Byrne will take over is important to HSBC’s overall aim of increasing fee-based income, at a time when its major source of revenue from lending is expected to shrink in tandem with global central bank policy rate reduction.
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By GlobalDataIn addition, HSBC Holdings is considering selling its South Africa assets as the lender concentrates on Asian markets.
Reported by Bloomberg, banks from the region, China, and the United Arab Emirates are among the bidders showing interest in the South African branch business and securities operation.
No transaction is guaranteed to proceed, and the specifics of any possible agreements have not yet been agreed.
When contacted for comment, a HSBC UK spokesperson said: “As the UK’s only truly international bank, our international connectivity is our biggest competitive advantage and is driving our growth. Our ambition is to make HSBC UK a Top 5 wealth manager in the UK in the next five years and to reach this status, we want to double the value of our assets under management. In order to fulfil this vision, we are growing our national team of wealth advisers and relationship managers at scale over the next few years.”
