HSBC Australian advisers safe
HSBC says its financial advisers in Australia are safe, despite massive job cuts by the organisation overseas.
In the latest interim report from HSBC Australia, retail banking and wealth management is up, while the bank’s assets grew by 13 per cent.
Wealth management also increased, with a pre-tax profit increase of 35 per cent to $35 million in the first half of 2011.
According to Chief Executive Officer Paulo Maia, the marked growth was due to HSBC expanding its debt capital markets, project and export finance, loan origination, and leveraged acquisition finance teams.
With the bank expected to cut up to 30,000 jobs in Europe and other parts of the world, HSBC has told Money Management that the bank is committed to growing their presence in Australia along with the wider Asian market.
“HSBC Group is reviewing its business for long-term efficiency and reallocation for sustainable growth and evaluations are still underway,” a bank spokesperson said.
AUTHOR
Andrew Tsanadis
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