Standard Chartered plans to boost wealth management staff in Hong Kong and Singapore under $1.5 billion strategy
scmp.com —
Standard Chartered plans to hire more wealth managers in Hong Kong, Singapore, and the UAE as part of a five-year strategy to attract clients with over $10 million in assets. The bank aims to manage an additional $200 billion in new client funds. The bank's CEO of wealth and retail banking, Judy Hsu, announced a 50% increase in staffing by 2028 to enhance international banking services. Hong Kong was the bank's most profitable market last quarter, contributing 34.4% of its $1.8 billion profit. Wealth management and retail banking accounted for 41% of the bank's overall profit, driven by record income from wealth solutions. The corporate and investment banking unit remains the largest contributor, making up 76% of profits.