HSBC Expands UK Wealth Management Team

HSBC is launching a significant recruitment drive, seeking to hire hundreds of relationship managers in the UK as part of its strategy to double its assets under management to £100 billion within five years. This expansion aims to position HSBC among the top five wealth managers in the UK, replicating the success of its Asian division. Recent leadership changes include Georges Elhedery stepping in as CEO following Noel Quinn's departure, with Barry O'Byrne taking over the wealth division. The move comes amid a broader strategy to enhance fee-based income in response to anticipated declines in revenue from lending. HSBC's efforts will also include a refresh of its premier banking services to attract more affluent clients. This recruitment campaign reflects the bank's commitment to competing with UK rivals like Lloyds and Barclays in the wealth management sector.