HSBC is reportedly planning to hire hundreds of bankers to expand its position in the wealth management market.

According to a report by The Guardian, the new relationship managers will serve rich UK-based customers as part of plans to match growing competition from its British rivals.

A source familiar with the matter told the publication that the new hires will be added to HSBC’s existing team, which already has 400 members, by next year.

The new recruits will be based across the UK.

According to the source, the new recruits will support plans to double assets under management at the bank’s wealth business to about £100 billion over a period of five years.

The Guardian said that the move could see HSBC become one of the top five wealth managers in Britian.

FStech has approached HSBC for comment.

Earlier this month, HSBC ushered in a new era of leadership as Georges Elhedery officially assumed the role of group chief executive.

Elhedery, a veteran of the financial services industry with nearly three decades of experience, took the helm at a crucial juncture for the bank.

He succeeded Noel Quinn, who recently retired after nearly five years in the role.

The leadership transition comes as HSBC aims to shift its focus from restructuring to growth, amidst a landscape of potentially peaking interest rates and simmering geopolitical tensions.

Investors are keenly awaiting signals on how Elhedery plans to bolster growth, particularly as revenue sources outside of the bank's fee-based wealth business are expected to decline with anticipated cuts in interest rates.

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