HSBC Singapore Wants More Employees and Profit

Submitted by Amit Puri - Managing Consultant, Sandbox Advisors on May 19, 2011 – No Comment

HSBC Singapore is planning on increasing the number of employees in Singapore, over the next few years.

According to Alex Hungate (HSBC Singapore CEO), the bank is looking to double its pre-tax profit in Singapore in the next five years and increase the number of employees by 1,000 to support this goal. At present HSBC has 3,500 employees in Singapore.

In terms of focus areas to drive the growth, HSBC Singapore will be concentrating on wealth management, trade and financial markets.

In the previous year HSBC Singapore hired 200 people for various parts of the bank, which included equity research/sales, commodity traders, relationship managers (wealth management), foreign exchange and derivative sales.

Mr. Hungate mentioned that HSBC is the biggest trade bank in Singapore and the organisation wants to further strengthen this position. The focus on wealth management is keeping in mind Singapore’s status as the fastest growing offshore wealth centre.

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Amit Puri - Managing Consultant, Sandbox Advisors

Amit is an experienced career, business and HR professional. Previously, he has worked with organisations such as Bain & Company, Morgan Stanley and Citigroup. Amit has advanced degrees/qualifications in Career Counselling, Organisational Psychology & HR, Occupational Psychometrics, Career/Life Coaching, Business and Finance.