Private Banks

HSBC reportedly planning Recruitment Drive in Asia

HSBC is said to be planning to fill up to 3,000 positions in Asia, despite the disruption created by Covid-19 and its previously stated intent to cut 35,000 jobs globally.

Noel Quinn, CEO of HSBC, recently described the bank’s business in Asia as a “striking growth business,” according to an article by efinancial careers.

HSBC is reportedly planning to drive its recruitment of wealth planners in the region “in phases” between now and 2024. The drive comes as part of the bank’s ‘Pinnacle’ initiative, which aims to develop innovative financial planning, wealth and insurance products and offering them across key markets, which is being piloted in China, according to an S&P Global Market Intelligence article.

The announcement of the Asia recruitment drive comes shortly on the heels of reports that the bank has resumed its global job cuts, which it initially paused upon the emergence of Covid-19, according to an article by The Guardian.

The focus on Asia is not necessarily surprising considering the fact that nearly 50% of the firm’s revenue came from the region, compared to 29% which stemmed from Europe. In February 2020, the bank closed 27 branches in the UK, apparently unrelated to the restructuring plans set out by the firm.

HSBC recently reported that the bank could witness loan losses of up to GBP8.8 billion in 2020, and credit losses increased by USD2.4 billion in the opening quarter of 2020.

“I wish I could say that the next few months will see a return to normality but that is unlikely to be the case,” said Quinn. “We could not pause the job losses indefinitely – it was always a question of ‘not if but when’.”

Cuts are expected to resume in the latter half of 2020, with a reported freeze on external recruitment, with the aim of finding new roles internally for those who would be made redundant.