Aug 2, 2021

HSBC: Asian wealth managers command hire power

Quinn's main focus, Asian wealth management, supported the rebound. Client wealth balances grew 18 per cent to $1.7tn, led by Asia. As a result, HSBC will pay an interim dividend of 7 cents a share and expects to hit a payout range of 40 to 55 per cent of earnings this year. HSBC is recruiting 3,000 bankers for its mainland Chinese wealth operations. Quinn's task is to create an unassailable franchise in Asian wealth management without creating a permanent drag on returns to go with it.

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