Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Market

9 Nov 2021

HSBC Ahead of China Wealth Hiring Targets as it Aims for India’s Banking Sector

The Index Today

HSBC Holdings Plc has exceeded its targets for hiring in its Chinese retail wealth management business. The company is now exploring options to re-enter the private banking industry in India as a part of its new plans.

The new strategy led by the Group CEO Noel Quinn aims to invest $3.5 billion into the wealth and banking unit as it competes to become the top wealth manager by the year 2025. Nuno Matos, CEO of Wealth and Personal banking business stated, “We are the leading international bank in China, so we want to squeeze that opportunity. On the private banking side, we are now in clear expansion mode.”

HSBC also plans to increase its mobile wealth planning service in China by acquiring over 700 personal wealth planners by the end of the year. The previous figure for hiring was only aimed at 550. Services in this sector include asset management, insurance, investments and more. On the other hand, private banking is driven towards clients with investible assets above $5 million.

The bank left the Indian private banking sector back in 2015 but has decided to re-enter the industry due to higher growth prospects and record-high stock markets. Matos stated, “We want to bank mass affluent and high net worth customers. At this moment, the two major pillars we are expanding in India are insurance and asset management. On the private banking side, we are not there yet and that’s something that demands a strategic decision this year.”

©Photo: indianexpress.com


Clay pottery with table linens