HSBC to hire up to 3,000 wealth planners in China

The first 100 people have already started in Guangzhou and Shanghai.

HSBC is looking to hire 2,000 to 3,000 wealth planners in China within four years in an effort to lift falling profits and boost its presence amidst US-China tensions, reports Bloomberg.

The first 100 people have already started in Guangzhou and Shanghai.

The move comes after the bank received flak over its dealings with Huawei and an endorsement to the controversial Hong Kong security law.

“Current tensions between China and the U.S. inevitably create challenging situations for an organization with HSBC’s footprint,” chief executive Noel Quinn said. “However, the need for a bank capable of bridging the economies of east and west is acute, and we are well placed to fulfill this role.”

The lender said it is looking at further measures to boost performance, speeding up a plan that will see it pivot more to Asia while cutting back in Europe and the U.S.

Here’s more from Bloomberg.