Retail News CRM

Tag: Banking

  • UOB Reports Lackluster Quarter

    UOB Reports Lackluster Quarter

    The bank’s performance was hit by declining margins and pre-emptive credit provisioning as the effects of the Covid-19 pandemic continues to devastate the global economy.

    United Overseas Bank reported second-quarter net earnings of S$703 million ($513.41 million) – 18 percent down from the previous quarter and 40 percent down from the same period the year before, mainly due to lower margins and higher credit costs, according to its second-quarter earnings report, published on Thursday.

    Earnings for the first half of the year stood at S$1.56 billion – 30 percent lower than a year ago. Net interest income decreased 6 percent year-on-year to S$3.05 billion as a result of declining margins alongside interest rate cuts, while net fee and commission income was 4 percent lower at S$960 million due to lower consumer spending and slower loan disbursement fees.

    The board has recommended a dividend of 39 cents per share, with the scrimp scheme, which provides shareholders with the option to elect to receive new shares in lieu of part or all of the cash amount, applied. This move is in line with calls by the Monetary Authority of Singapore for local banks to conserve capital and moderate dividends.

    Our strong balance sheet, robust capital and liquidity positions equip us well to navigate the uncertain macro environment ahead and in sharpening our service and digital capabilities,» Wee Ee Cheong, deputy chairman and chief executive officer, said in a statement.

    Singapore entered a technical recession in the second quarter of the year, with the economy shrinking 12.6 percent year-on-year, following -0.3 percent growth in the first quarter, as a result of a partial lockdown and widespread closures of businesses to stem the spread of Covid-19.

    DBS on Thursday reported a 22 percent year-on-year drop in Q2 net profit for the first quarter to S$1.25 billion. Oversea-Chinese Banking Corporation will release its earnings results tomorrow.

  • HSBC Ramps Up China Hiring Despite Tensions

    HSBC Ramps Up China Hiring Despite Tensions

    HSBC stay on course with its China ambitions with the latest target to hire 2,000 to 3,000 wealth planners over the next four years for its mainland business. HSBC’s will seek to broadly expand its count of wealth planners in Asia with much of the growing focus placed on China where it could hire up to 3,000 by 2024. The bank is already housing its first 100 digitally-enabled wealth planners in its Guangzhou and Shanghai offices.

    Our new venture in mainland China, signals not only our commitment but our progress in increasing investments in people, technology, and wealth capabilities over the next few years, said Greg Hingston, HSBC’s APAC head of wealth and personal banking, in a statement.

    This will be central to our ambitions to become the leading wealth manager in Asia.

    While accelerating its global overhaul which includes 35,000 job cuts, the bank continues to hire in the region, most notably for its China business.

    Since 2017, the bank hired 800 people for its wealth management business and opened six Jade Centers – its affluent segment – since the start of 2019. Earlier this year, the bank also reportedly said it had also planned to add another 500 to its private banking and wealth management business by 2022 with a focus on Hong Kong and Singapore.

    HSBC maintains its expansion plans for its newly merged retail and private banking unit despite increasing political uncertainty including, most notably, the British bank’s involvement in the Huawei scandal and its public support for the controversial national security law in Hong Kong.

    On the former, HSBC faces increasingly intense pressures in the mainland over its involvement which most recently included allegations that it feigned ignorance about Huawei’s dealings and even suggested that it took unnecessary risks that resulted in U.S. detection. State-backed media Global Times claimed last month that the bank’s resumption of planned job cuts may mark the beginning of the end for the embattled British bank in China, citing an unnamed Beijing observer that suggested it could be pushed out of the mainland market over the legal scandal.

    In the first half, pre-tax profits at HSBC plunged 65 percent to reach $4.32 billion missing analyst estimates of $5.67 billion. Although its China business posted $1.5 billion of pre-tax profits, the wealth and personal banking business in the country registered a $26 million loss.

  • StanChart’s Asia Human Capital Rejig

    StanChart’s Asia Human Capital Rejig

    Standard Chartered in Asia has been rejigging its mix of employees in recent years with a focus on upping headcount in certain markets while increasing digital penetration in others. Since 2018, Standard Chartered has steadily increased its number of employees in Singapore by 1,200 to reach 10,000 while maintaining its global headcount relatively stable at around 85,000 (85,389 as of June 30 this year).

    And the bank could be set to further expand its physical presence after it was awarded by the Monetary Authority of Singapore (MAS) earlier today with the city-state’s first Significantly Rooted Foreign Bank» (SRFB) status which qualifies it for additional privileges.

    Under the SRFB status, Standard Chartered will now be allowed to set up to 50 place of businesses (POBs), of which up to 35 can be branches, according to a statement. The MAS will also enhance the SRFB framework so that future businesses that substantially exceed the criteria for significant rootedness in Singapore will be allowed additional privileges including the ability to establish a separate subsidiary to develop alternative business models.

    We are honored to be awarded the SRFB status by the MAS, said Standard Chartered Singapore CEO Patrick Lee in a separate statement. We see Singapore as a key market and are fully committed to future investments. We are also aligned with the government’s and the MAS’s strategy to grow Singapore’s stature as a global financial services hub, with leading and differentiated value-added areas of expertise.

    The bank noted that it was a «key employer» in Singapore’s financial industry and quantity aside, it highlighted a qualitative focus and commitment to growing «future-ready talent.

    Of the new jobs added, more than 1,200 roles are allocated to future growth areas including digital banking, international banking, cloud technology, artificial intelligence (AI) architect, and API development.

    The bank will also invest another S$5 million to boost talent development and reselling efforts to support employees as the job market continues to undergo disruption in addition to ongoing participation in industry initiatives.

    Standard Chartered’s roots in Singapore trace back over 160 years when it set up its first branch in 1859 under its former name, Chartered Bank of India, Australia and China.

    Since then, it has steadily built its presence in before becoming the first and only global bank to incorporate all its businesses in the city-state and adopt it as its global operational and innovation headquarters. It is also home to a significant portion of its management team and an $80 billion balance sheet backed by $6 billion of capital – also the largest amongst any foreign banking subsidiary.

    In contrast, Standard Chartered has maintained a relatively stable headcount of 600 in Hong Kong, according to its chief executive for the city, Mary Huen Wai-yi. Hong Kong has been faced with political uncertainty, further intensified by the recent enactment of the national security law which Standard Chartered, alongside HSBC, has publicly supported as means to inspire calm and stability.

    We are convinced that more collaboration – not less – is the best way to find a sustainable equilibrium in these complex situations, but we do not expect an easy or quick resolution, said Standard Chartered group chairman José Viñals in a statement from its first-half results, which saw global profits sink 33 percent.

    We do believe, however, that Hong Kong will continue to play a key role as an international financial hub and we are fully committed to contributing to its continued success,” he added.

    Within the Greater China business, Standard Chartered is set to significantly rejig its regional mix of employees with Hong Kong again set to make up an even smaller share. The bank recently announced its intention to set up a Greater Bay Area center, ready for operations this quarter, in Guangzhou with $40 million in investments and plans to grow headcount to 1,600 by the end of 2023.

    The Greater Bay Area is a core area of focus for Standard Chartered, and we’re using our talent, technology and deep client knowledge to develop innovative new products and services to support the GBA initiative, Standard Chartered CEO Bill Winters said earlier this month.

    The launch of our new Greater Bay Area Center is a shining example of us bringing together our strength and expertise in the Belt & Road initiative, yuan internationalization and wealth management, to provide seamless cross-boundary banking services for individuals and corporate clients in the region.

    Although Hong Kong employees’ share of regional or global headcount could be set to fall, the bank has other plans to strategically cover the market without adding bodies.

    The bank is readying for an official launch of its licensed virtual bank in the city – jointly owned by telecom firms PCCW and Hong Kong Telecom, and online travel agency trip.com – as one of eight players approved to enter the digital lending market. It is now undergoing a trial to obtain feedback from select customers before rolling out to the wider public.

    Interestingly, Hong Kong and Singapore were previously both suggested as potential headquarters for Standard Chartered which is based in London but generates nearly all of its profits from emerging markets.

  • HSBC’s First-Half Profit Dive Misses Analyst Forecasts

    HSBC’s First-Half Profit Dive Misses Analyst Forecasts

    HSBC’s pre-tax profits plummeted in the first half by 65 percent year-on-year as the Asia-focused lender further boosted loan loss provisions to ready for more headwinds. HSBC registered $4.32 billion in pre-tax profits compared to $12.41 billion in the same period last year and analyst forecasts of $5.67 billion, according to compilations made by the bank.

    Given the current high degree of uncertainty, we are continuing to monitor closely the implications on our business plan and medium-term financial targets, while also undertaking a review of our future dividend policy, HSBC’s chief executive Noel Quinn said in a statement.

    The bank also expected total credit impairment provisions for the year to reach between $8 billion and $13 billion, higher than previous forecasts. Provisions reached $6.9 billion in the first half after the bank said aside $3 billion in the first quarter, compared to just $1 billion in the first half of 2019.

    The bank also warned of expected damage to its core capital ratio as worsening credit ratings impact its risk-weighted asset ratio.

    Financial and economic headwinds aside, HSBC also highlighted the risk of rising U.S.-China tensions heightened by the national security law and the Hong Kong Autonomy Act.

    Like our clients, HSBC has to operate in a difficult geopolitical environment. Current tensions between China and the US inevitably create challenging situations for an organization with HSBC’s footprint, Quin added.

    However, the need for a bank capable of bridging the economies of east and west is acute, and we are well placed to fulfill this role. We will face any political challenges that arise with a focus on the long-term needs of our customers and the best interests of our investors.

    Lees ook:

    Lees ook:

    Lees ook:

  • UOB Launches Finance Academy

    UOB Launches Finance Academy

    United Overseas Bank launched the UOB Finance Academy, a training and development program in Singapore focused on equipping all employees in the bank’s finance function with the soft and technical skills required to become future leaders in their field.

    The UOB Finance Academy, which was designed in-house, builds on Better U, the bank’s group-wide learning and development program accredited by the Institute of Banking and Finance Singapore (IBF), according to a media release sent on Monday.

    Better U helps UOB employees build five core competencies which the bank has identified as essential for its people to remain relevant in the digital future. These competencies are having a growth mindset and complex problem-solving skills, as well as skills in the areas of digital innovation, human-centered design and data storytelling.

    Once members of the bank’s finance team have completed Better U, they are then able to progress through the UOB Finance Academy’s structured three-month learning program which is designed to equip them with the skillsets and tools to help them advance in their careers.

    As with so many jobs, the role of a finance professional is changing as digital innovation impacts more areas of work. The UOB Finance Academy charts clear and achievable milestones for our people in UOB’s finance function to develop the necessary knowledge, mindset and skillsets to progress towards leadership roles in the finance industry, Lee Wai Fai, Group Chief Financial Officer, UOB, said.

    Participants will also sharpen their financial acumen through modules that encourage an analytical approach to evaluate strategies and risks, as well as accounting and bank financial analysis. Through the UOB Finance Academy, participants can also choose to develop specialized skills in areas such as asset and liability management and project management

    Lees ook:

    Lees ook:

    Lees ook:

    Lees ook:

  • StanChart First-Half Profits Plunge

    StanChart First-Half Profits Plunge

    Standard Chartered’s profits plunge 33 percent in the first half as the pandemic forces the British lender to significantly up credit impairments by six-fold.

    Pre-tax profits fell to $1.63 billion in the first half compared to $2.41 billion in the first half of last year, according to a statement, exceeding the $1.53 billion analyst estimates compiled by the bank.

    The bank will also scrap dividends for time being, as per the request from the U.K.’s Prudential Regulation Authority, adding that it hoped to resume payments «as soon as prudently possible».

    Although the bank said it was confident in April that its main markets – Asia, Africa and the Middle East – would lead the recovery as early as later this year, the latest result announcement was accompanied by a reversal with expectations for even lower income in the second half.

    Credit impairments also shot up six-fold to $1.58 billion in the first half from $254 million a year ago, the statement added.

    Just today, the bank was reportedly looking to shave costs by axing hundreds of jobs it described as redundant roles and not related to any coronavirus-linked impact.

    Lees ook:

    Lees ook:

    Lees ook:

  • HSBC Promotes Investment Duo at Private Bank

    HSBC Promotes Investment Duo at Private Bank

    HSBC Private Banking promotes two executives in its investment and product solutions unit in Asia, effective immediately.

    The bank appoints Jeffrey Yap as head of investment services and product solutions (ISPS) for Southeast Asia after his last role as regional head of fixed income, currencies and commodities (FICC) Asia Pacific, according to a statement. Adam Lau has also been appointed to the newly created role of regional head of market solutions, Asia Pacific.

    Yap joined HSBC in 2017 from Alliance Group (PAG), where he was managing director responsible for the firm’s public fixed-income investments. Lau is a 20-year financial veteran who joined HSBC in 2018 from Natixis where he was its Greater China head of equity solution sales. He was also previously with Deutsche Bank as its Greater China head of private banking and retail sales and J.P. Morgan as a structured product marketer.

    Yap reports to Philip Kunz, head of Southeast Asia at HSBC Private Banking and Abdel Ben Tkhayet, APAC head of ISPS while Lau will continue to report to the latter.

    In addition to developing talent internally, the bank also highlighted Singapore as a key market for its wealth business and underlined specific client segments that bank in the booking center.

    As a leading international wealth center, Singapore is one of our key wealth markets, where we serve a significant group of international clients from Southeast Asia, Greater China and other parts of the world, Kunz.

    Under the leadership of [Yap] and [Lau], I’m confident that HSBC Private Banking will build on our strong momentum and expand and enhance our range of products and services to distinctly meet our clients’ wealth needs.

    Lees ook:

    Lees ook:

    Lees ook:

  • StanChart Axes Several Hundred Jobs

    StanChart Axes Several Hundred Jobs

    Standard Chartered will kick off a fresh round of job cuts, joining rivals that have resumed reductions amid an economically crippling coronavirus pandemic.

    The London-headquartered lender will cut several hundred jobs globally, according to a report citing unnamed sources without additional details.

    A small number of roles are being made redundant in line with our commitment to transforming the bank and ensuring its future competitiveness, according to a statement from the bank which houses around 85,000 employees.

    In March, many top players in the industry made a concerted move to pause job cuts to support households that have been undoubtedly feeling the strains from the pandemic.

    Standard Chartered said it also did not «intend to make any layoffs because of the pandemic» and that workers who have lost their jobs will be paid until the end of the year in addition to a severance payment.

    The recent round of job cuts is not the result of any impact from the COVID-19 pandemic, the bank added.

    Standard Chartered is not alone in accelerating cost-cutting efforts following an industry-wide pause in March.

    Deutsche Bank was the first major bank to restart after abruptly ended a hiatus on staff dismissals in May to resume plans to ax 18,000 jobs or 20 percent of its workforce. Also in May, British rival HSBC not only resumed its overhaul, which originally included plans to slash 35,000 job but also deepened cuts due to increasing market and economic headwinds.

    Lees ook:

    Lees ook:

  • With Offices Closed, Students Turn to Virtual Work Experience

    With Offices Closed, Students Turn to Virtual Work Experience

    Citi Asia Pacific’s work experience program, covering careers in Investment Banking and Markets and Securities Services, has proven popular among undergraduates.

    Since its launch earlier in July, the bank said that close to 500 students from universities across Singapore have already enrolled in its Asia Pacific’s virtual work experience program, which is designed to provide students with insights into life as an analyst while helping them build the skills and confidence to pursue a career at Citi or in banking.

    As part of the program, students will get a taste of on-the-job tasks to better understand what a banking career can offer them, while developing valuable skills for employability, Citi said.

    In each module, students work on case studies designed by the bank, and submit their solutions to business problems. Students with submissions that stand out may be contacted for permanent roles at Citi or summer internship opportunities next summer.

    The bank developed the program when it noticed the challenges that students were facing in securing internships in the current Covid-19 environment, according to Joel Fastenberg, head of human resources for Citi Singapore and ASEAN. An added benefit of an online program is that it does not have a cap on the number of students, and is open to any Singaporean student regardless of where they are located.

    «Importantly, this program also supports Citi’s campus recruitment efforts enabling us to identify our future talent early on. Students who stand out may be contacted for summer internship opportunities or permanent roles in the bank,» Fastenberg said.

    The bank previously allayed fears that virtual internships amid the Covid-19 pandemic would make it more difficult for candidates to secure a job after completing the program, by promising to offer all 76 students of its incoming batch of interns a full-time analyst role if they meet the minimum requirements of the program.

    Lees ook:

    Lees ook:

  • UOB Asset Management Brings Robo-Adviser to Retail Clients

    UOB Asset Management Brings Robo-Adviser to Retail Clients

    Its UOBAM Invest service, previously available to corporate clients, is being launched in the form of a mobile app for individuals.

    UOB Asset Management, a wholly-owned subsidiary of UOB, has rolled out a retail version of its UOBAM Invest online portal, which was first launched in 2018 for corporate investors in Singapore.

    The platform offers retail investors in Singapore personalized, dynamic investment portfolios based on their risk profile, aggregate financial goals, and investment horizon. It also automates the shift in retail investors’ portfolio allocation from higher-risk assets to safer ones systematically and gradually, particularly towards the end of their investment period, balancing their need for long-term growth with their capacity for risk, the announcement said.

    The portfolio planer also incorporates risk-profiling and goal-setting tools so that the proposed investment portfolios offer the maximum possible returns to suit the needs of retail investors.

    UOBAM acknowledged the popularity of robo-advisors as a simpler and easier way to manage investments and hopes to leverage its brand name and track record to alleviate concerns about credibility, security and long-term viability users might have about such platforms.

    UOBAM is the first regional asset management firm to offer a robo-adviser with personalized portfolios for retail investors. We have an established track record in managing risks actively while optimizing returns, Thio Boon Kiat, CEO of UOBAM, said.

    Given the current market volatility from the impact of the COVID-19 pandemic, we want to bring the benefits of our risk-based approach – one that is trusted by institutional investors – to more retail investors through UOBAM Invest, Thio added.

    Robo-advisors promising retail investors low-cost, diversified, passive investing have proliferated in recent years. According to Statista, assets under management among robo-advisors in Singapore reached $4.5 billion in 2020 (49.2 percent growth year-on-year), with 265,000 users (39.6 percent growth year-on-year).

    However, competition in the digital investment advisory space is intense and has already resulted in Smartly, one of Singapore’s oldest and most well-established platforms shutting down earlier this year.

    Traditional banks have also joined the fray, with OCBC launching Roboinvest in 2018, and DBS rolling out its digiportfolio in 2019 for retail clients.

    Lees ook:

  • BNP Paribas AM Names New APAC Chief

    BNP Paribas AM Names New APAC Chief

    The financial services industry veteran, who joins from rival J.P. Morgan Asset Management, brings a wealth of experience in the investment management industry and deep knowledge of key client segments in the region.

    BNP Paribas Asset Management on Wednesday announced the appointment of Steven Billiet as head of Asia Pacific, with effect from 8 August 2020. He succeeds Ligia Torres, who is retiring from the firm and will return to Europe in August.

    Based in Hong Kong, Billet will be responsible for further accelerating the strategic expansion of BNPP AM’s Asia Pacific business, and will facilitate a more integrated approach to driving growth in the region, the announcement said.

    Billet joined the firm in March as its Asia Pacific head of distribution and will retain these responsibilities alongside his new role. He reports to Sandro Pierri, BNPP AM global head of client group, and locally to Eric Raynaud, head of BNP Paribas in Asia Pacific.

    Billiet was previously chief executive officer for J.P. Morgan Asset Management (Singapore), responsible for overseeing all aspects of the firm’s asset management business in Singapore as well as in South and Southeast Asia and Korea.

    Before joining the firm in January 2014, Billiet spent 19 years with ING, 12 of which in Asia where he held a number of senior roles such as, CEO of Investment Management Asia Pacific (Singapore), CEO of Investment Management Australia, CEO of Investment Management Taiwan and India Country Head of Private Banking and Wealth Management.

    Billiet’s predecessor Torres retired after more than 23 years with BNP Paribas, including seven with BNP Paribas Asset Management.

    During her tenure at the firm, she contributed to significant growth in the region, and played a particularly important role in upholding the firm’s sustainability strategy and enhancing our external visibility on the sustainable investment agenda with our clients, Frédéric Janbon, BNPP AM chief executive officer, said.

    Lees ook:

    Lees ook:

  • DBS Inks Digital Trade Financing Partnership

    DBS Inks Digital Trade Financing Partnership

    The bank will work with industry cloud software provider Infor to integrate digital trade financing capabilities into global supply chains.

    Under the partnership, the two sides will use innovative supplier financing tools, as well as Infor’s rich physical and financial supply chain data to bring new opportunities to fund suppliers and help reduce supply chain risk and friction, DBS said in a statement on Thursday.

    The first program under the partnership provides a faster and more cost-efficient digital trade financing to suppliers in an apparel company’s supply chain ecosystem, which comprises mostly small-to-medium-sized enterprises (SMEs). The next program, planned for late 2020, aims to improve the pre-shipment finance by using supply chain data as the primary conduit to assess risk and creditworthiness.

    Infor’s Nexus platform has more than 68,000 businesses, including market leaders in aerospace, healthcare delivery, automotive suppliers, industrial distributors, as well as global banks, retailers, hotel brands, luxury brands, and more.

    Our collaboration with Infor enables greater transparency into complex supply chains and provides insights into the transaction patterns between an anchor and its ecosystem of suppliers, DBS’ Sriram Muthukrishnan said about the partnership.

    The bank’s group head of trade product management noted that quicker and more cost-efficient financing to suppliers provided earlier in the cycle, as compared to conventional post-shipment supplier financing programs, is especially relevant today, given the environment characterized by prolonged trade disruptions and tighter credit lines, where optimal working capital management is key to survival.

  • Standard Chartered to Pilot Crypto Custody Solution

    Standard Chartered to Pilot Crypto Custody Solution

    The bank’s ventures and innovation platform is reportedly building a crypto custody offering for the institutional market, with a pilot planned for later this year.

    SC Ventures developing a venture to meet the demands of institutional investors for an end-to-end institutional-grade custodian of digital assets, which meets regulatory standards, Alex Manson its Singapore-based global head, told Coindesk earlier this week.

    The custodial solution will be based in the U.K., but will be open to clients from around the world, Manson said, noting interest from 20 institutions.

    Manson highlighted the opportunity to kick-start the institutional adoption of cryptocurrencies by providing the fundamental market infrastructure. He told the blockchain news portal that solutions currently available lack the security required to secure millions of dollars in digital assets, and lack function segregation.

    Complementing its custodial initiative, SC Ventures participated in an oversubscribed $17 million Series A funding round for Metaco, which runs an institutional operating system for digital assets.

    German-based security technology company Giesecke+Devrient led the round, which also saw participation from Zürcher Kantonalbank and venture capital firm Investiere, as well as all existing strategic shareholders Swisscom, SICPA, Avaloq Ventures, and Swiss Post.

    The funds will be used to fuel the next phase of the company’s growth in sales, product, and partnerships, and broaden its presence in the U.S., Southeast Asia, and Western Europe, the announcement last week said.

  • UBS APAC Profits Surge Despite Global Setback

    UBS APAC Profits Surge Despite Global Setback

    Asia Pacific profits for UBS surged over 70 percent in the second quarter due to stronger trading activities despite a slowdown in the global business.

    APAC profit before tax at UBS reached $233 million, up $97 million year-on-year, due to significantly higher income, according to the bank’s latest results. Strong transaction-based income and net interest income from deposit revenue and loan growth led to an over six-fold increase in revenue from $104 million to $658 million, though net new loans were negative due to client deleveraging in the second quarter.

    Profit growth in the region contrasts with UBS’s global business which saw profits tumble due to expected loan provisions. The bank posted a 13 percent drop in pre-tax profits due in no small part to $272 million in credit losses, mostly in from its Swiss business.

    The region also registered lackluster net new money at just $200 million, compared to $1.1 billion last year. The bank globally posted $9.2 billion in new assets, dominated by the EMEA (Europe, Middle East, and Africa) region’s $8 billion.

    Overall, Asia was home to $449 billion in assets under management, accounting for 17 percent of the total globally.

    Lees ook:

  • HSBC Job Cuts Reach Asia

    HSBC Job Cuts Reach Asia

    HSBC’s cost-saving drive is reportedly set to accelerate even in its most profitable markets in Asia following the departure of its global head of equities. Hossein Zaimi is leaving HSBC, according to a report citing two unnamed sources, after joining the bank more than 16 years ago. Zaimi also took on the additional role of co-head of securities financing in March shortly after HSBC revealed plans for its investment bank overhaul.

    Adrian Lewis, EMEA head of equity capital markets (ECM), has also left to pursue opportunities outside of the industry, the report added. Lewis will be succeeded by Andrew Robinson, head of EMEA equity syndicate, reporting to Ed Sankey who was named global head of ECM in June 2019.

    While the lion’s share of cost cuts reside in Europe, the report noted that Asia – the most profitable region for HSBC – will not be immune to restructuring. Following Zaimi’s departure, more exits are expected in the region in the coming weeks.

    The bank originally planned to cut 35,000 jobs, $4.5 billion in costs, and $100 billion in risk-weighted assets before postponing the overhaul in March due to the coronavirus pandemic. In June, HSBC reportedly resumed such activities in June and was considering deeper cuts including more job losses or the possible sale of some businesses.

    Simultaneously, the bank is also expanding its newly created wealth and personal banking unit – a combination of the whole private client business from retail to ultra-high net worth (UHNW) individuals – with around half of its $4 trillion in assets from Asia.

    Since 2017, the bank has hired 800 employees for its affluent and emerging high net worth client businesses – Premier and Jade, respectively – across Hong Kong, Singapore, and mainland China including relationship managers, investment counselors, UHNW solution specialists, and product specialists.