HSBC expands China wealth business, digital strategy
HSBC aims to expand its China wealth business headcount to 3,000 by 2025, having already recruited 1,500 wealth managers since 2021. The bank is committed to a digital-focused strategy, with $3.5 billion invested in Asia in 2021. China's household wealth is projected to grow by 8.5% annually, outpacing the country's economic growth. HSBC targets doubling its wealth clientele to 350 million by 2030. The bank has also acquired Citigroup's China consumer wealth management business.