☰ Menu eFinancialCareers

Morning Coffee: Shock as Asian private bank decides NOT to recruit private bankers

Bank of East Asia not hiring private bankers

So you're NOT hiring?

Most private banks are trying to capture more Chinese clients by hiring more Hong Kong-based relationship managers (RMs) to manage mainland money –  skill shortages in Hong Kong private banking have intensified as a result. But Bank of East Asia has decided to opt out of this expensive talent war.

In the first five months of the year, BEA’s private bank increased its share of mainland assets under management (AUM) by 18% – they now make up 33% of total AUM, Gloria Sun, the firm’s head of private banking, told the South China Morning Post. By 2017, BEA aims to have half of its private banking assets hailing from mainland China.

But while BEA has boosted its AUM, it hasn’t embarked on the kind of hiring sprees so common among its competitors – from global giants Citi to minnows Maybank. BEA still only has just over 40 RMs – there are at least 18 firms with a higher headcount in Asian private banking.

Instead BEA is using is vast commercial branch network in mainland China – which is second only to HSBC’s among foreign banks – to generate business for its private bank as more mainland-based entrepreneurs do business abroad, reports the SCMP. “We don’t have 128 relationship managers but we do have 128 branches in China,” said Grace Chow, BEA’s general manager and head of wealth management.


HSBC names Steven Cranwell as head of commercial banking for Singapore. (Straits Times)

And HSBC appoints Carla Goudge as head of debt syndicate for Asia Pacific. (Reuters)

China market blow-out has Hong Kong basking in financial hub glow. (Reuters)

ICBC and China Construction Bank are the biggest banks in the world, says new ranking. (This is Money)

CIMB to query Islamic banking head over wrong analysis of ‘money trail’ documents. (Straits Times)

After Barclays sacks Antony Jenkins, it’s back to gung-ho banking. (Guardian)

Private banks urge calm amid China uncertainty. (Barrons)

Singaporean employees must boost productivity to compete with counterparts in India, China, the Philippines and Korea. (CNBC)

Comments (0)


The comment is under moderation. It will appear shortly.


Screen Name


Consult our community guidelines here