HSBC is recruiting private bankers to work in the regions. It’s not the only one.

HSBC has opened private wealth management offices in Birmingham, Cardiff and Leeds, the Telegraph reports today. Rumour has it the bank is also eyeing up expansion in Manchester and Bristol later this year.

It’s good news for London-based private bankers who fancy moving up north, not least because HSBC isn’t alone in its regional aspirations. The Bank of Scotland is also adding private bankers to its regional centres in Birmingham, Leeds and Manchester.

Simon Culliford, a director at private banking search firm, says bankers best suited to working in the regions have an existing network of local contacts. They must also be prepared to accept lower pay: “If you work regionally, you’ll earn 25% to 30% less than in London,” he says.