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HSBC to Hire 3,000 Wealth Planners in China Amid Tension

  • Bank is pivoting away from U.S., Europe to boost profits
  • Move comes as China opens its markets to global lenders
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Photographer: Nelson Ching/Bloomberg
Updated on

HSBC Holdings Plc is planning a big boost to its wealth management staff in China in a bid to lift its sagging profits, increasing its presence in the face of mounting political tensions between Beijing and Western governments.

In conjunctions with its earnings release on Monday, which revealed first-half profit halved, the bank said it’s targeting to hire 2,000 to 3,000 wealth planners within four years in China. The first 100 new people have already started in Guangzhou and Shanghai, it said.