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Coming back swinging from large-scale layoffs.

HSBC has been quietly strengthening its Singapore business

Three months after opening its new Singapore headquarters, HSBC is showing signs of boosting senior staff there as expected. 

At least three new managing directors (MDs) have arrived in the past few weeks. 

Bruno Pinson joins as the new global head of finance in private banking after 14 years with insurance firm AXA, where he was a director in investment linked products and fund management. Ashmita Acharya has arrived as expected from Citi as head of wealth and personal banking for HSBC Singapore. And Vivek Kumar joins from Standard Chartered as global head of product management and platforms.

HSBC's Singapore hires come after CEO Noel Quinn said last November that the bank has "every ambition to grow...substantially in Singapore." The Southeast Asia markets team for rates and currencies was moved to Singapore last year and headcount has increased in asset management.

The emphasis on Singapore comes as HSBC slims down its business in the UK and the US. The bank announced plans to cut 35,000 jobs globally in February 2020. Last August, it only appeared to be halfway through these layoffs. Cuts were made in London both before and after Christmas. 

Nonetheless, HSBC is also hiring. In London, David Sismey joined the bank as an MD and its head of financial institutions, after leaving a 13-year career at Goldman Sachs to advise the Conservative Party on its 2019 general election campaign. He subsequently founded the Campaign for Economic Growth, a think tank, which he led until December 2022.

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AUTHORZeno Toulon

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