HSBC, Europe’s largest bank, said yesterday that it plans to hire up to 15,000 people in emerging markets such as Asia over the next three years.
The move will benefit job-seekers in Singapore, where HSBC said earlier it plans to boost staff strength by 1,000 over the next five years.
The move comes one day after the banking giant announced plans to eliminate 30,000 jobs globally by the end of 2013 to curtail surging salary costs.
They also form part of a plan to focus on HSBC’s Asian operations. More than one-third of HSBC’s workforce is based in Asia.
In response to its announcement on job cuts, a HSBC spokesman in Singapore said: “Asia is a growth story and we will continue to invest in our business (there). Our plan in Singapore is to hire some 200 roles every year over the medium-term and we are on track to doing so for 2011.”
The proportion of profit HSBC gets from its Asian, Latin American and Middle Eastern businesses rose to 76 per cent in the first half, from 64 per cent in the same period last year, the bank said on Monday.
In a statement released yesterday, HSBC reported interim pre-tax earnings of $6.8 billion (S$8.2 billion) in Asia, up 16 per cent year-on-year and accounting for 59 per cent of the group’s total pre-tax profits.
In Singapore, HSBC delivered pre-tax profit of $327 million, up 24 per cent over the same period last year.
Alex Hungate, chief executive of HSBC in Singapore, said: “We are delivering on our strategy to capture opportunities arising from Singapore’s position as a hub for wealth management, trade and financial markets. By helping our retail customers plan for their financial goals, HSBC grew market share of unit trusts, life insurance and mortgages.”
Hungate also said that HSBC’s trade-related assets increased as it supported more Singapore-based companies trading internationally. -by Travis Teo