As HSBC Holdings plc (NYSE: HSBC) seeks a larger share of the wealth management market in the U.K., the bank has gone on a hiring spree to recruit hundreds of bankers to serve the ultra-rich. The news was first reported by The Guardian.
HSBC aims to strengthen the U.K. arm of its wealth and private banking operations by recruiting more relationship managers, who offer bespoke services and advice to rich clients in exchange for lucrative fees.
According to a source familiar with the plan, while HSBC has headquarters in London, the recruitment will be based across the U.K.
The bankers that are being recruited will be given the task of doubling the assets under management at HSBC's British wealth business to £100 billion in the next five years.
HSBC's UK Growth Plans
HSBC's aim to double AUM in its U.K. wealth business to £100 billion in the next ...
