HSBC joined the long list of banks reducing their wealth management staff this week when it cut 100 positions in its private banking business in Hong Kong. The layoffs amount to 8% of HSBC Private Bank's 1,200 staff in Hong Kong.
Changing market conditions have affected business volumes and have led private banking to review its business to ensure it remains competitive and well-placed to serve its clients, says Vinh Tran, a spokesman for HSBC.
The layoffs are across levels, from assistant administrators to managing directors, say sources, and encompass both front-office and back-office staff.
While HSBC's private bank made a profit of $1.4 billion last year and managed $352 billion for clients,...