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HSBC Private Bank targets UK in 240-strong global hire spree

HSBC Private Bank targets UK in 240-strong global hire spree

HSBC Private Bank plans to add more than 100 staff members across its network in Europe, the Middle East and Africa by early next year, including appointments to its offices in the UK and Channel Islands.

A spokesperson for the group said the bank was unable to offer guidance on how many of the new recruits would join in London, or elsewhere in the UK.

The drive is part of a wider expansion of the unit’s global headcount, with a 240 person recruitment target over the next six months heavily weighted to East Asia.

In a statement, HSBC Global Private Banking chief executive Peter Boyles said: ‘We are now entering a new phase of growth for which we are hiring talent across key markets.’

The hiring spree will grow the division’s 3,000 strong payroll by almost 9%.

Reflecting the bank’s new business flows, around 70 of the new hires will be in Hong Kong with another 40 in Singapore. The bank expects wealth creation in the region to maintain its current near double-digit growth rate over the next three years.

HSBC PB currently advises on $330 billion (£255 billion) in client assets.

The hires follow a major shake-up of the bank’s management structure earlier this year, combining the UK, Channel Islands, France, Germany, Switzerland and Luxembourg into one regional structure.

HSBC Global Private Banking EMEA aims to create a regional private banking business that is more integrated and strategically aligned with HSBC PB’s growth plans.

Chris Allen, who was appointed as regional head of Global Private Banking EMEA, will lead the new structure.

The bank opened the year with a string of hires to boost its UK presence. 

The recruits include Sam Ward, who joins from Royal Bank of Canada Wealth Management as a senior relationship manager and brings 27 years' experience with him.

The bank also hired Dean Stewart as a relationship manager for the Midlands region. He joins from Coutts where he gained nearly 20 years’ experience in private banking.

Meanwhile Mike Middleton has been appointed as a strategic financial planner for the North and Scotland. He previously held client-facing roles at Barclays Private Banking and Lloyds TSB Private Bank.

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