HSBC Global Private Banking’s Post

HSBC has initiated another round of job cuts at its Asia investment bank, responding to a downturn in dealmaking across the region. The London-based lender recently released about a dozen bankers from its Asian investment banking division, aligning with similar actions by competitors like UBS, Goldman Sachs, and Citi. This trend stems from declining stock sales and mergers, particularly affecting HSBC's core markets in Hong Kong and China. Hong Kong's IPO market remains subdued, hitting a two-decade low in proceeds last year. Looking ahead, HSBC's head of global banking and markets, Greg Guyett, anticipates ongoing downsizing driven by technological advancements. Also, the bank is expanding its investment bank in Asia, prioritizing senior hires with strong client relationships in key locations like Singapore and Mumbai. #Growth #HSBC #InvestmentBankers l Bloomberg News l Denise Wee l

UBS has begun trimming its Asia private banking workforce, targeting around 70 roles, predominantly in Hong Kong and Singapore, by the end of March. This action comes amid a substantial profit decline, notably in the Asia Pacific region, where pretax earnings fell 46% to US$97 million in Q4. CEO Sergio P. Ermotti has forewarned of a tough year ahead, citing integration expenses from the Credit Suisse acquisition. Despite lower-than-projected profits, the wealth management division attracted US$21.8 billion in net new assets during the quarter. #Growth #Business #WealthManagement #Asia #PrivateBanking I Bloomberg I Denise Wee I Joyce Koh I Cathy Chan I Chanyaporn Chanjaroen

How did UBS Singapore become one of the banking giant’s top two wealth management centres in APAC, and its Southeast Asian #headquarters for its investment bank?   Beyond Singapore’s conducive business environment and position as a global financial hub, another key factor is access to top #talent.   Read to find out what UBS Singapore’s Daniel Brandenberger has to say about the quality and diversity of talent here, and how the company collaborates with partners in #Singapore to develop a strong pipeline of future talent: https://lnkd.in/gZEw8j5A

🌟 Happy Hump Day Everyone 🌟 Exciting updates in the M&A world! Ardea Partners is making moves by hiring Sir Ian Chershire to expand their UK operations. With offices in New York and London, the firm is definitely on the rise. HSBC is boosting its UK sector teams with internal promotions, while Barclays Investment Bank is shifting gears by requiring full-time office presence for their Investment Banking teams. The ongoing debate between hybrid and office-based work continues to be a hot topic. In other news, major players in the industry are lifting bonus caps after years of restrictions. This move is expected to impact mid-market firms significantly. On the flip side, Citi is streamlining its Investment Banking team, with around 20 jobs at risk as part of a team restructuring. Exciting developments to keep an eye on in the world of M&A! #MergersAndAcquisitions #FinanceNews #IndustryUpdates

HSBC's CEO, Noel Quinn, is strategically focusing on strengthening the firm’s wealth management presence in China and India to match its success in Hong Kong. Quinn envisions establishing robust capabilities across mainland China, Singapore, ASEAN, and India. Despite challenges like economic uncertainties in China and a real estate slowdown, HSBC's acquisition of Citi’s retail wealth management portfolio in mainland China last year showcased its confidence in the region. Quinn aims to create a comprehensive "platform of four strong pillars of wealth management,” covering insurance, asset management, and private banking. Nuno Matos, global head of HSBC Wealth and Personal Banking, highlighted the rising demand for wealth management services among expat Indians and Indian businesses seeking overseas acquisitions. Greg Guyett, head of HSBC Global Banking and Markets, is actively recruiting seasoned bankers with extensive client networks in key locations like Singapore, Dubai, Riyadh, and Mumbai. Despite hurdles, HSBC reported record-breaking full-year earnings driven by rising global interest rates. #HSBC #Growth #WealthManagement #HongKong #Singapore #India #Business #Finance I Bloomberg I Adam Haigh I Ambereen Choudhury I Yvonne Man I David Ingles I Haslinda Amin

Effective legacy planning is more than just writing a will. It's about ensuring your wealth serves future generations in the ways you intend. Click to read more about the importance of legacy planning below! #HSBCLife #LegacyPlanning #HNW The new HSBC Life Singapore Diamond Prestige IUL offers strategic legacy planning for high-net-worth families. In the landscape of wealth, the true hallmark of prosperity isn’t just in acquiring assets but in effectively passing them on – a practice perfected in legacy planning. This involves more than just writing a will; it’s about ensuring that your wealth serves future generations in the ways you intend, combining financial planning, tax optimisation, and personal values into a coherent strategy that stands the test of time. Click here to learn more: https://lnkd.in/gp2XVGmV #Prestige #PrestigeSG #HSBCLife

Where is Citi's head of APAC institutional sales?? 🤔 The sands are still shifting at Citi. People are coming, people are going. CEO Jane Fraser is saying things like, "It already feels different," and, "We've got clear accountabilities. We've eliminated most co-heads." One of the people eliminated appears to be Serge Pomonti Citi's Singapore-based head of institutional sales for Asia. Serge, who is still registered with Citi under the Monetary Authority of Singapore, is thought to have gone in a recent round of cuts. Citi is not commenting. Pomonti, who is French and who previously worked for RBS and Crédit Agricole CIB joined Citi in Singapore in 2012. He was initially the bank's head of G10 structuring and solution trading for Asia. Pomonti previously reported to Pedro Goldbaum, the previous co-head of global rates at Citi who quietly slipped away last October only to reappear at Deutsche Bank in New York in February. #citi #jobs #investmentbanking #singapore

We are honoured to be named ‘Asia’s Best Bank’ for the second consecutive year by Euromoney – well-earned recognition for the HSBC Wealth and Personal Banking teams whose passion, focus, and commitment to being Asia’s leading wealth manager contributed to this award. We think the Judges summed up our progress quite well. Here’s what they said: 𝐖𝐡𝐨𝐥𝐞-𝐨𝐟-𝐀𝐬𝐢𝐚 𝐬𝐭𝐨𝐫𝐲 “Most impressive has been the bank’s ability to deliver on its promise of being a genuinely pan-Asian bank, serving multiple large markets in south, southeast and north Asia.” 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐖𝐞𝐚𝐥𝐭𝐡 𝐦𝐨𝐦𝐞𝐧𝐭𝐮𝐦 “If one economy was the story of the year in Asia for HSBC in 2023 it was Singapore, where pre-tax profit jumped 45%, and where the value of its international wealth management franchise really came to the fore.” 𝐁𝐨𝐥𝐝 𝐬𝐭𝐫𝐚𝐭𝐞𝐠𝐲 “[HSBC] relaunched its global private banking business in south Asia’s largest economy. The new business aims to serve clients with investable assets of more than $2 million, with a key focus on high and ultra-high net-worth professionals, entrepreneurs and their families. “Another notable … development saw HSBC buy Citi’s retail wealth management portfolio in mainland China. The deal, announced in October 2023, comprises $3.6 billion in assets and deposits, with associated wealth customers across 11 big cities.” #HSBC #AsiaBestBank #AsiaWealth

“Management layers are fewer, decision-making is faster, and the governance across the firm becomes much simpler,” Tibor Pandi, Singapore Citi’s country officer, told ST, adding that the company’s operations are still among its biggest. Significantly, he also said that Citi Singapore intends to bring on board additional personnel to work in its wealth division and commercial bankers who would take care of companies growing their operations in Asia Pacific.” Implementation of Lean in an organization is important as it can save huge overhead cost and removed unnecessary layer which do not add value to the growth on the operation of the firm. Good move Citibank. https://lnkd.in/gjPqmyRD