HSBC plans more China tech jobs in push for market share

Europe's biggest bank by assets will boost headcount at its technology centres in Guangzhou, Shanghai and Xi'an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West.

HSBC Holdings PLC plans to add more than a 1,000 jobs this year at its technology development centres in China, as the Asia-focused lender seeks to bolster its presence in the world’s second largest economy.

Europe’s biggest bank by assets will boost headcount at its technology centres in Guangzhou, Shanghai and Xi’an by 14% from a current 7,000-strong workforce, said HSBC Chief Information Officer Darryl West.

In recent years the London-based bank has spent $3 billion annually on its group technology operations which employ 40,000 people worldwide, and West said annual investments of $3-$3.5 billion are planned over the next few years.

Many global banks set up low-cost hubs in China and India more than a decade ago to maintain their complex worldwide information technology networks, but these centres have now become a core part of their operations.

The centres develop and implement risk and fraud management technologies, as well as digital applications that make it easier for banks to attract customers and deliver faster and more secure services.

HSBC’s expansion plan in China, a key market for the bank, comes amid growing use of technology in the financial sector – from payments to transactions.

At stake is a bigger share of the billions of dollars worth of retail and corporate banking business in a major financial market with a growing customer base.

“There is a lot more we can do with technology in mainland China. The level of technology adoption and innovation in China is way ahead of other markets,” West told reporters during a tour of HSBC’s technology centre in the southern city of Guangzhou last week.

“We see mainland China as a tremendous source of talent, not just for the local market but our technology operations globally. We are hiring very aggressively here,” he added.