LIVE TV
ZEE Business
ZEE BUSINESS
हिंदी में पढ़ें  हिंदी में पढ़ें
Live TV
Live TV
  • Home
  • Personal Finance
    • PPF
    • Mutual Funds
    • Income tax
    • EPFO
    • Income Tax Calculator
    • Personal Loan Calculator
    • Car Loan Calculator
    • Home Loan Calculator
    • SIP calculator
    • SWP Calculator
    • MF Returns Calculator
    • Lumpsum Calculator
  • India
    • Companies
    • Property
    • Startups
    • Uidai
  • Economy
    • Aviation
  • Tech
    • Mobiles
    • Apps
  • Auto
    • Cars
    • Bikes
  • Markets
    • Commodities
    • Currency
  • Jobs
  • Indian Railways
  • World
    • Economy
    • Politics
    • Markets
  • videos
  • photos
  • Authors
  • More ...
    • VIDEOS
    • PHOTOS
Read in App
Business News » Companies News

HSBC plans to add about 1,000 new employees to China unit in 2017, mostly in Pearl River Delta

HSBC has plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm in 2017 with most of them in the Pearl River Delta. 

  • Twitter
  • Facebook
  • Linkedin
  • whatapp
  • View in App
HSBC plans to add about 1,000 new employees to China unit in 2017, mostly in Pearl River Delta
Logos of HSBC are displayed at a major branch at the financial Central district in Hong Kong. Image Source: Reuters
Written By: Reuters
Updated: Fri, Mar 24, 2017
02:49 pm
Hong Kong , Reuters
RELATED NEWS
HSBC reveals ongoing tax evasion probe in India, US, France, others HSBC reveals ongoing tax evasion probe in India, US, France, others
HSBC to shift staff from Britain to Paris after Brexit HSBC to shift staff from Britain to Paris after Brexit
HSBC's India headcount rises by 4,000 despite global drop HSBC's India headcount rises by 4,000 despite global drop
HSBC, UBS stop issuing P-Notes as India steps up clampdown HSBC, UBS stop issuing P-Notes as India steps up clampdown
HSBC discloses tax evasion probes in India, other countries HSBC discloses tax evasion probes in India, other countries

HSBC plans to add as many as 1,000 new employees to its Chinese retail banking and wealth management arm this year, the business`s regional head said, most of them in the Pearl River Delta, the heart of the bank`s growth strategy in China.

If that target is hit, the new additions will mean HSBC will have hired twice as many people as it did last year for this part of the business. They will join an existing team for this unit of 2,400 employees in the world`s second-largest economy.

HSBC has made the southern Pearl River Delta region - home to 11 industrial cities that are set to fuse into one megalopolis - its focus in China, betting on its growth and its own Hong Kong heritage. 

This region already has an economy larger than Indonesia`s and is shifting from a manufacturing base to a tech powerhouse.

But since the strategy to reinvigorate profit growth after years of restructuring was announced in 2015, China`s economic growth has slowed, delaying the bank`s plans. HSBC makes more than half of its profit in Asia, the bulk of it in Hong Kong and China.

ALSO READ: HSBC to shift staff from Britain to Paris after Brexit 

 

"As of this point, we are very pleased with the progress in the Pearl River Delta. We certainly aren`t taking any backward steps," Kevin Martin, HSBC`s Asia Pacific head of retail banking and wealth management, told Reuters.

HSBC`s latest numbers for China retail and wealth management business suggest growth remained strong, with its customer base as well as mortgage volume expanding by 51% in the Pearl River Delta last year. It issued over 100,000 credit cards since launching it in December across all cities in the Pearl River Delta and 30 other cities in the country, Martin said. 

"We have done a lot of things in the Pearl River Delta ... It remains one of the key opportunities for us."

Of the total 2,400 staff for retail and wealth management in China, about 800 are in the Pearl River Delta, the bank said, adding 60% of the hiring last year was for the southern region that counts Shenzhen and Guangzhou among its biggest cities.

HSBC Group Finance Director Iain Mackay said last month the bank`s operating profit in China in 2016 was about $200 million lower than the previous year. That was mainly due to investments to grow the Pearl River Delta business and in financial-crime risk-management standards in China, he said. 

China Calling

The bank`s outgoing top management campaigned heavily to promote the region and its role in HSBC`s China strategy.

Chief Executive Stuart Gulliver, took analysts and investors on a tour of its operations there a year ago, promoting the region`s role as a gateway to tech businesses like Alibaba Group Holding and Tencent Holdings as well as new start-ups.

Although investors have supported the plan, there has been increasing concern over the last few months about risks the lender faces in its Asia "pivot" strategy, due to the sluggish pace of China`s economic recovery and the patchy pace of development in the Pearl River Delta. 

Some sectors have struggled in the face of falling exports and tighter credit conditions.

Gulliver said in February 2016 that the bank, which is facing downward pressure on its revenue in 2017 due to regulatory costs and lower rates in Britain, planned to hire 4,000 new staff in the region over five years instead of its initial three-year target.

But Martin brushed aside concerns that HSBC`s investment could be scaled back as China`s economic growth slows, saying the bank remained committed to the region.

HSBC`s newly appointed chairman, Mark Tucker, has also had an intense focus on Asia, most recently as head of insurer AIA Group.

"We will see and we have seen it already even at 6.5% growth rate, (there is) massive underlying growth for China," Martin said. "Clearly there`s real upside on that for us." 

 

ALSO READ: HSBC's India headcount rises by 4,000 despite global drop 

Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.

TAGS:
HSBCBanking & Financial ServicesChinaNew EmployeesNew Employees AdditionPearl River DeltaIndonesiaHong KongShenzhenGuangzhouStuart GulliverAlibaba Group HoldingTencent HoldingsBritainnew staffMark TuckerAIA Group
RELATED NEWS
HSBC reveals ongoing tax evasion probe in India, US, France, others HSBC reveals ongoing tax evasion probe in India, US, France, others
HSBC to shift staff from Britain to Paris after Brexit HSBC to shift staff from Britain to Paris after Brexit
HSBC's India headcount rises by 4,000 despite global drop HSBC's India headcount rises by 4,000 despite global drop
HSBC, UBS stop issuing P-Notes as India steps up clampdown HSBC, UBS stop issuing P-Notes as India steps up clampdown
HSBC discloses tax evasion probes in India, other countries HSBC discloses tax evasion probes in India, other countries

LATEST NEWS

Railways to run Oxygen Express to meet demand during Covid 19; Green Corridor being created to facilitate movement of these trains

JEE Main April Exam 2021 postponed; NTA says revised dates to be announced 15 days prior to exam

CBSE CISCE Board Exams 2021 POSTPONED: Class 10 class 12 board exam candidates must know these IMPORTANT points - check here

IndianOil Alert – Your Opportunity to earn WHOPPING Rs 2 Cr – Know terms and conditions; Do this and Win BIG

In chat with Anil Singhvi, analyst Vikas Sethi recommends Hikal, Biocon as top buys for big gains

Kisan Vikas Patra scheme offers 6.9 pct interest; Which other schemes are offering HIGHER INTERESTS - Know here

Stocks in Focus - ACC, Bajaj Consumer, ICICI Prudential, Crisil, Alok Industries - Q4 results to be announced on Monday; stocks likely to remain in focus

Bihar schools, colleges to remain closed till May 15; night curfew returns in state—check what's allowed, what's not

Stocks in Focus on April 19: Macrotech Developers, HDFC Bank, Mindtree, Pharma Stocks to KEC International; here are the 5 Newsmakers of the Day

Anil Singhvi’s Strategy April 19: Day support zone on Nifty is 14,350-14,450 & Bank Nifty is 31,400-31,700

  • India News
  • World News
  • Companies News
  • Market News
  • Personal Finance News
  • Technology News
  • Automobile News
  • Small Business News
  • Income Tax Calculator
  • Live TV
  • Videos
  • Photos
  • Author
  • Rss Feed
  • Advertise with us
  • Privacy Policy
  • Legal Disclaimer

Latest Trending Updates

  • EPFO
  • Budget 2020
  • Income Tax Return
  • Auto Expo 2020
  • Home Loan
  • Business News

Trending Topics

  • Income Tax
  • income Tax Calculator
  • 7th Pay Commission
  • Reserve Bank of India
  • GST
  • Latest Business News

Follow us on

zeebiz
zeebiz

Partner Sites

  • Zee News
  • Hindi News
  • Marathi News
  • Bengali News
  • Tamil News
  • Malayalam News
  • Gujarati News
  • Telugu News
  • Kannada News
  • DNA
  • WION
Copyright © Zee Media Corporation Ltd. All rights reserved