In the wake of the global pandemic, banks are on a hiring spree, at least in Asia, where more millionaires are created each year than in Europe or North America. New jobs are being created in wealth management operations across Asia, as banks seek to tap into this emerging, lucrative market. The growth of wealth, coupled with high savings and huge growth potential have turned Asia into the most attractive market for banks and money managers.
Banking giants such as Citigroup, Standard Charted and HSBC have all announced that they will increase headcounts in their Asian operations. The Straits Times reported that Citigroup is looking to add over 2,300 people to their wealth management operations in Hong Kong and Singapore. 1,100 of these will be relationship managers and private bankers for Citigroup’s newly merged wealth unit, Citi Global Wealth.
Further re-iterating the opportunities, Citi’s Asia Pacific Chief Executive, Peter Babej was quoted as saying, “The Asia Pacific wealth market stands out in its scale and growth potential. And this is not a cyclical opportunity – it is structural, driven by the emergence of a vast middle class and the rapid development of regional capital markets.”
A Transformation of Banking in Asia
Standard Chartered Bank too has announced its decision to hire over 400 individuals to fulfil roles in its retail banking and wealth management business in Hong Kong in 2021. The South China Morning Post reported that the bank is looking to transform its branch network as it seeks to tap into the massive demand from affluent customers as they look to secure and grow their wealth. This “transformation” is expected to see SCB invest over 200 million Hong Kong dollars over the next 3 years.
HSBC too has announced that it is in the process of growing its wealth management presence in Asia. The bank is reportedly building a team of experts to handle its ultra-high-net-worth customers in the region, that is those with assets of USD 30 million or more. At least 700 new openings in private banking positions to be filled by 2022, have been announced.
A Sign of Changing Fortunes?
These are all decisive moves by the world’s banking giants, showing the shifting global trends and fortunes, away from an American Century and towards the present Asian Century. These announcements should signal to businesses globally, that they should set their sights on Asia and tap into lucrative businesses opportunities and the deep pockets of the region’s growing wealthy elite.
