HSBC UK beefs up wealth arm with ‘generational’ bet
HSBC UK is making a “generational” play to beef up its wealth arm as the banking juggernaut eyes global dominance in the field.
The FTSE 100 titan will launch a new Wealth Academy this autumn, the bank’s managing director of wealth Christopher Dean told Morning Wire, in partnership with the London Business School.
The bank’s wealth boss said: “This partnership isn’t a small thing, it’s something within the strategy we have built.”
The division has taken centre stage amid chief executive Georges Elhedery’s overhaul of the lender.
The bank laid out plans last year to double its assets under management to £100bn in the next five years as it aims to become a top five player in Britain’s banking scene.
“We need to make sure we have the best people so when we’re connecting with clients, you need to make sure that those people who are speaking to them add value, not just now, but for 10 years time,” Dean told Morning Wire.
The curriculum at HSBC’s new academy was born from a survey of 800 bankers across 11 geographies regarding their learning needs.
It will include three pillars: the ‘Wealth Knowledge Hub,’ the ‘Wealth Live Learning’ and the ‘Wealth Excellence Aspirational Programme’.
HSBC’s $5m new wealth HQ
The fresh launch follows HSBC splashing $5bn on a new luxury wealth centre in the heart of London to target the mass-affluent.
Dean said the new academy and office sought to capture families for generations beyond just singular clients.
“That inter-generational wealth is so important to us,” he said.
The renewed focus on high net worth clients comes amid a rocky period for Britain’s wealthiest after changes to the non-dom regime.
A flurry of wealthy Brits fled overseas after Chancellor Rachel Reeves abolished the non-dom status in the 2024 Autumn Budget.
At the launch of HSBC’s wealth office, Xian Chan head of premier wealth at HSBC UK, told Morning Wire: “There’s no secret, it’s been well publicised that a number of high profile, high net worth and ultra high net worth have made some decisions. It’s been out there in the press.
“Our job regardless of their decision is to support them through that.”
Globally, wealth has remained a stellar division for the banking giant.
In what analysts referred to as a “messy quarter” in the three months to June, the group’s international wealth and premier banking arm’s revenue rose 13.2 per cent to over $2bn.
Dean said the bank was “uniquely positioned” to conquer new areas of the market with it possessing “the international corridors” to connect clients.
HSBC’s Wealth Academy will formally start in Autumn 2025 and be available to colleagues across 15 markets including UK, US, UAE and China.