CEO Noel Quinn said in an internal memo on Wednesday that Barry O’Byrne, head of global commercial banking, Greg Guyett, co-head of global banking and markets, and Nuno Matos, head of wealth and personal banking will relocate to Hong Kong in the second half of the year. They will be joined by Nicolas Moreau, the head of global asset management.
Those businesses account for virtually all of HSBC’s revenues.
“These moves underscore the importance of the Asia-Pacific region to our strategy,” Quinn said in the memo, which the bank provided to CNN Business. “I want more of our global executive team to be located in key growth regions, and Asia of course is central to our future growth, investment and innovation,” he added.
The bank will invest more than $3.5 billion over the next three to five years into wealth and asset management, hiring more than 5,000 wealth advisers and establishing Singapore as a wealth management hub.
Despite relocating senior executives, Quinn emphasized the continued importance of London in Wednesday’s memo and said the bank was not planning any “large scale” movement of jobs from the British capital to Hong Kong. HSBC most recently rejected a proposal to relocate its headquarters to Hong Kong in 2016.
“We remain fully committed to the UK, both in terms of our domicile and our significant businesses and client base in the country,” Quinn said.
“These moves have no impact on the location of our headquarters and the management and oversight of the group executive committee and holdings board, which will all continue to be UK-based,” he added.
— Michelle Toh contributed reporting.