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.
Recommended for you
ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test.
Quarterly Wealth Data analysis has uncovered positive improvements in financial adviser numbers compared with losses in the prior corresponding period.
Holding portfolios that are too complex or personalised can be a detractor for acquirers of financial advice firms as they require too much effort to maintain post-acquisition.
As the financial advice profession continues to wait on further DBFO legislation, industry commentators have encouraged advisers to act now in driving practice efficiency.
