Arab Press

بالشعب و للشعب
Friday, Jun 20, 2025

The woman building HSBC's 3,000 roaming banker army

The woman building HSBC's 3,000 roaming banker army

HSBC has started hiring hundreds of bankers under a new venture to seek out wealthy clients across China.

It's part of the bank's ambitious plan to employ 3,000 roaming bankers in total, armed with digital tablets.

The woman leading the rapidly-growing team is Trista Sun, who is helping a digital-banking push at HSBC that analysts say is long overdue.

Several big Western banks are also expanding into China including US firms Goldman Sachs and JP Morgan.

The venture, known as HSBC Pinnacle, is part of chief executive Noel Quinn's plan to pivot the bank more towards Asia and to focus on wealth management.

This week HSBC confirmed it is moving four top executives from London to Hong Kong as it accelerated its strategic shift, including its chief executives of wealth and personal banking, and global commercial banking.

Ms Sun told the BBC that her team had already started targeting the Chinese cities of Shanghai, Guangzhou, Hangzhou and Shenzhen to search for wealthy clients for its insurance and investments business.

She has also set up a financial technology (fintech) platform in Shanghai to operate Pinnacle - the first foreign financial institution to do so in mainland China.

Pinnacle's goal is to grab a greater share of China's growing middle class, a segment it expects to swell to 600 million people by 2028. HSBC has about $1.6tn (£1.2tn) in funds from its wealth business, half of which comes from Asia.

The bank is not just competing with traditional rivals like Goldman Sachs and JP Morgan in this space. It also faces stiff competition in China from technology giants Alibaba and Tencent which have their own financial services via popular apps like Alipay and WeChat.

While Alibaba has faced a crackdown by Chinese regulators, it still has a market value around five times bigger than HSBC's.


But HSBC says recruiting thousands of bankers over the next five years should give it an edge over its fintech rivals.

"We are of the view that a digital and human hybrid financial planning model, co-created with customers and financial planners, is the way forward for affluent customers," Ms Sun told the BBC.

Ms Sun previously worked at HSBC's headquarters in London and Hong Kong and said it gave her exposure to "very different regulatory environments, competitor landscape, customer pain points and technology adoption".

Bruce Pang, head of research at Hong Kong-based China Renaissance Securities, said HSBC's brand name gave it a strong advantage in China, where it had a long history.

"But the big elephant may be too heavy to move forward despite its international strengths," he added. "Chinese banks could also be better equipped to tap into growing incomes in the mainland with more solid local franchise and nationalism-fuelled loyalty."

In 1984, HSBC became the first foreign institution to secure a banking licence in mainland China. It now has about 160 branches there, more than any other foreign bank.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Netanyahu Signals Potential Regime Change in Iran
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
Iran Conducts Ballistic Missile Launches Amid Heightened Tensions with Israel
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
Shock Within Iran’s Leadership: Khamenei’s Failed Plan to Launch 1,000 Missiles Against Israel
UK Deploys Jets to Middle East Amid Rising Tensions
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
Wreck of $17 Billion San José Galleon Identified Off Colombia After 300 Years
Iran Launches Extensive Missile Attack on Israel Following Israeli Strikes on Nuclear Sites
Israel Issues Ultimatum to Iran Over Potential Retaliation and Nuclear Facilities
Coinbase CEO Warns Bitcoin Could Supplant US Dollar Amid Mounting National Debt
Trump to Iran: Make a Deal — Sign or Die
Operation "Like a Lion": Israel Strikes Iran in Unprecedented Offensive
Israel Launches 'Operation Rising Lion' Targeting Iranian Nuclear and Military Sites
Israeli Forces Intercept Gaza-Bound Aid Vessel Carrying Greta Thunberg
IMF Warns of Severe Global Trade War Impacts on Emerging Markets
Syria to Reconnect to Global Economy After 14 Years of Isolation
Saudi Arabia Faces Uncertainty Over Succession After Mohammed bin Salman
Israel Confirms Arming Gaza Clan to Counter Hamas Influence
Majority of French Voters View Macron's Presidency as a Failure
U.S. Reduces Military Presence in Syria
Trump Demands Iran End All Uranium Enrichment in Nuclear Talks
Iran Warns Europe Against Politicizing UN Nuclear Report
Businessman Mauled by Lion at Luxury Namibian Lodge
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
EU Central Bank Pushes to Replace US Dollar with Euro as World’s Main Currency
European and Arab Ministers Convene in Madrid to Address Gaza Conflict
Head of Gaza Aid Group Resigns Amid Humanitarian Concerns
U.S. Health Secretary Ends Select COVID-19 Vaccine Recommendations
Trump Warns Putin Is 'Playing with Fire' Amid Escalating Ukraine Conflict
India and Pakistan Engage Trump-Linked Lobbyists to Influence U.S. Policy
U.S. Halts New Student Visa Interviews Amid Enhanced Security Measures
Trump Administration Cancels $100 Million in Federal Contracts with Harvard
SpaceX Starship Test Flight Ends in Failure, Mars Mission Timeline Uncertain
King Charles Affirms Canadian Sovereignty Amid U.S. Statehood Pressure
Iranian Revolutionary Guard Founder Warns Against Trusting Regime in Nuclear Talks
×