Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

The woman building HSBC's 3,000 roaming banker army

The woman building HSBC's 3,000 roaming banker army

HSBC has started hiring hundreds of bankers under a new venture to seek out wealthy clients across China.

It's part of the bank's ambitious plan to employ 3,000 roaming bankers in total, armed with digital tablets.

The woman leading the rapidly-growing team is Trista Sun, who is helping a digital-banking push at HSBC that analysts say is long overdue.

Several big Western banks are also expanding into China including US firms Goldman Sachs and JP Morgan.

The venture, known as HSBC Pinnacle, is part of chief executive Noel Quinn's plan to pivot the bank more towards Asia and to focus on wealth management.

This week HSBC confirmed it is moving four top executives from London to Hong Kong as it accelerated its strategic shift, including its chief executives of wealth and personal banking, and global commercial banking.

Ms Sun told the BBC that her team had already started targeting the Chinese cities of Shanghai, Guangzhou, Hangzhou and Shenzhen to search for wealthy clients for its insurance and investments business.

She has also set up a financial technology (fintech) platform in Shanghai to operate Pinnacle - the first foreign financial institution to do so in mainland China.

Pinnacle's goal is to grab a greater share of China's growing middle class, a segment it expects to swell to 600 million people by 2028. HSBC has about $1.6tn (£1.2tn) in funds from its wealth business, half of which comes from Asia.

The bank is not just competing with traditional rivals like Goldman Sachs and JP Morgan in this space. It also faces stiff competition in China from technology giants Alibaba and Tencent which have their own financial services via popular apps like Alipay and WeChat.

While Alibaba has faced a crackdown by Chinese regulators, it still has a market value around five times bigger than HSBC's.


But HSBC says recruiting thousands of bankers over the next five years should give it an edge over its fintech rivals.

"We are of the view that a digital and human hybrid financial planning model, co-created with customers and financial planners, is the way forward for affluent customers," Ms Sun told the BBC.

Ms Sun previously worked at HSBC's headquarters in London and Hong Kong and said it gave her exposure to "very different regulatory environments, competitor landscape, customer pain points and technology adoption".

Bruce Pang, head of research at Hong Kong-based China Renaissance Securities, said HSBC's brand name gave it a strong advantage in China, where it had a long history.

"But the big elephant may be too heavy to move forward despite its international strengths," he added. "Chinese banks could also be better equipped to tap into growing incomes in the mainland with more solid local franchise and nationalism-fuelled loyalty."

In 1984, HSBC became the first foreign institution to secure a banking licence in mainland China. It now has about 160 branches there, more than any other foreign bank.

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
France Faces New Political Crisis, again, as Prime Minister Bayrou Pushed Out
Nayib Bukele Points Out Belgian Hypocrisy as Brussels Considers Sending Army into the Streets
France, at an Impasse, Heads Toward Another Government Collapse
The Country That Got Too Rich? Public Spending Dominates Norway Election
EU Proposes Phasing Out Russian Oil and Gas by End of 2027 to End Energy Dependence
More Than 150,000 Followers for a Fictional Character: The New Influencers Are AI Creations
EU Prepares for War
Trump Threatens Retaliatory Tariffs After EU Imposes €2.95 Billion Fine on Google
Tesla Board Proposes Unprecedented One-Trillion-Dollar Performance Package for Elon Musk
Gold Could Reach Nearly $5,000 if Fed Independence Is Undermined, Goldman Sachs Warns
Uruguay, Colombia and Paraguay Secure Places at 2026 World Cup
Trump Administration Advances Plans to Rebrand Pentagon as Department of War Instead of the Fake Term Department of Defense
Big Tech Executives Laud Trump at White House Dinner, Unveil Massive U.S. Investments
Tether Expands into Gold Sector with Profit-Driven Diversification
‘Looks Like a Wig’: Online Users Express Concern Over Kate Middleton
Florida’s Vaccine Revolution: DeSantis Declares War on Mandates
Trump’s New War – and the ‘Drug Tyrant’ Fearing Invasion: ‘1,200 Missiles Aimed at Us’
"The Situation Has Never Been This Bad": The Fall of PepsiCo
At the Parade in China: Laser Weapons, 'Eagle Strike,' and a Missile Capable of 'Striking Anywhere in the World'
The Fashion Designer Who Became an Italian Symbol: Giorgio Armani Has Died at 91
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
×