Why HSBC must now hire from Goldman, JPM and UBS in Hong Kong

HSBC must poach from the powerhouses of Asian wealth management – UBS, Credit Suisse and Julius Baer – if it’s to successfully build out its new ultra-high-net-worth (UHNW) team in Asia, say headhunters.

And bankers from Goldman Sachs and JP Morgan will also need to come on board. This will not be easy in a region which already suffers from chronic shortages of relationship managers.

HSBC revealed this week that it has established – and will expand – an UHNW team in Asia, serving clients who have assets of about $30m or more. The move is part of a wider push, announced in September, to add about 650 new staff (including RMs) in Asian private banking, mainly in Hong Kong and Singapore.

https://news.efinancialcareers.com/sg-en/3000440/hsbc-uhnw-private-banking-jobs

If true professionals recruited they are unlikely to fit in and most certainly not unless Asian !

Service means are you a customer from mainland China and Common Reporting Standards around tax declaration mean nothing to you. If that’s the case, then you will be treated well with products with highest charging structures, as you will never expose what and how sold, whatever the performance as you have greater fear of mother country being aware of your hidden overseas tax evading wealth.

If you can’t launder big money for the big boys anymore, then do it for the smaller guys as there are enough crossing the border to add up to the princely profits that are posted for a group struggling across its so called global network.

Step forward HKMA,or is the insurance industry and it’s guise in banks too powerful to question ?