Standard Chartered Plc plans to hire 500 employees this year for its wealth management business in Hong Kong.
The bulk of the new hires will be "frontline" staff, Standard Chartered spokeswoman Chamila Hewapathirana said in an e-mailed response to questions today. Hong Kong's Oriental Daily reported the hiring plans today, citing Cindy Fu, general manager of the bank's wealth management unit in Hong Kong.
Standard Chartered and HSBC Holdings Plc are among firms adding private bankers in Hong Kong as banks position themselves for an expected increase in wealth in Asia. HSBC, which moved its chief executive officer to Hong Kong this month, said in August it planned to hire at least 100 sales staff for its wealth management unit in the city.
Unemployment in Hong Kong fell to an 11-month low of 4.9 percent in the three months to December 31, according to a January 19 government statement. Banks in the city, which slashed jobs during the global financial crisis, began adding positions last year as equity markets revived.
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