HSBC plans to open centres in 4 cities in China

HSBC will expand its private banking in mainland China. HSBC said it plans to open centres in four cities within two years. The lender entered the Southwest of China for the first time by launching private banking businesses in Chengdu last month. Additionally, HSBC has launched a new advisory service - HSBC Prism Advisory in Asia - which combines human expertise with data analytics. The service will first be made available to private banking clients in Hong Kong and Singapore. The announcement came as global banks also announced that they may cut 10% of China investment bankers in 2023. An estimated 10-20% of high-level bankers are likely to be paid no bonus this year and more than half are in for a record drop - which may lead to major staff exits.