HSBC on a hiring spree to drive UK wealth management ambitions | HSBC

HSBC is recruiting hundreds of bankers to target wealthy clients in the UK as it seeks to fend off fierce competition from its British rivals and take a bigger slice of the wealth management market.

Europe's largest bank is looking to boost its wealth management and private banking business in the UK by bolstering its team of relationship managers who provide bespoke service and advice to wealthy clients in return for lucrative fees.

According to a source familiar with the lender’s hiring plans, the recruitment drive will see hundreds of relationship managers added to its 400-strong team by next year. HSBC is headquartered in London but the recruitment will take place across the UK, with vacancies recently posted in locations from Peterborough to Truro and Telford.

The new British bankers will be tasked with doubling HSBC’s UK wealth management business to around $100 billion over the next five years, a pool of assets that would make HSBC one of the top five wealth managers in the UK.

The company is diversifying its business toward more stable sources of income that are less sensitive to interest rate cycles.

The hiring spree is part of the bank’s efforts to replicate the success of its Asian asset management division, which has hired 1,000 new staff after investing $US3.5 billion (£2.7 billion) in the region in 2021 alone.

HSBC's former chief executive, Noel Quinn, announced a major restructuring in 2020, announcing that up to 35,000 jobs would be cut by 2022, but the expansion has not happened. HSBC employs about 220,000 people worldwide, more than 40,000 of whom are in the UK.

HSBC's efforts to attract more affluent customers will reportedly include refreshing its top-tier banking services, launching mobile banking for affluent customers and offering a wider range of competitive benefits. Details of the refresh will be revealed before Christmas.

But the bank will face new competition from other high street lenders, including Lloyds Banking Group and Barclays, which are also moving more heavily into asset management. The three banks are hoping to grab a bigger share of the so-called mass affluent market, which Lloyds defines as people with deposits of between £75,000 and £250,000.

Barclays' Premier Service includes a dedicated team of premium financial guides and is aimed at people who earn more than $75,000 a year or have more than $100,000 in savings.

HSBC once marketed itself as the world's home bank, but it now wants to strengthen its wealth management arm by targeting international clients who find it advantageous to bank with a lender with a much larger global presence.

The company sees opportunities among customers who do business with HSBC in other countries and those who are considered non-residents under UK rules (meaning they can reside in the UK without paying tax on their overseas income).

The strategic plan, overseen by Jose Carvalho, head of wealth and personal banking for HSBC UK, is set to continue despite a recent management shake-up.

Nuno Matos, HSBC Group's head of wealth and private banking and president of Carvalhos, resigned days before former finance chief Georges Elhederi took over as group chief executive on September 2.

Elhedery has signalled he will not make any major changes after his predecessor, Noel Quinn, steps down. Quinn had a turbulent five years in the role and said he wanted a better work-life balance.

Elhederi told reporters in July: “We have achieved financial performance and have built a strong platform for growth. I firmly believe that the group’s strategy is working and I am therefore committed to expanding the business based on this strategy. The bank is broadly where we want to be,” he said.

HSBC’s global wealth and private banking division managed $1.19 trillion in client assets as of December last year, up 17% from 2022. The division generated revenue of about $7.5 billion, accounting for 11% of the group’s $66 billion in revenue in 2023.

As of July this year, the bank had raised $19 billion in assets, and revenue from the division rose 12% to $4.3 billion in the first half of 2024, it said.

HSBC declined to comment.

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