Despite China’s current economic headwinds, HSBC said it is on track to hit its target of expanding its wealth business headcount in the country to 3,000 by 2025. Trista Sun, a senior HSBC executive, told Reuters that the bank, which focuses on Asia’s affluent, has already recruited around 1,500 wealth managers since 2021. The target headcount comes as China’s household wealth is estimated to increase by around 8.5% a year over a five-year period starting 2022, overtaking the 5% annual growth target for 2023. The growing headcount is in addition to wealth advisory staff in HSBC’s Chinese branches, Sun said.
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