BREAKING NEWS

China’s booming Pearl River Delta needs bankers it seems as HSBC intends to hire up to 1000 new staff this year to serve China, with most of them going to the future megalopolis that will group 11 industrial cities.

New HSBC boss Mark Tucker appears to share the commitment of his predecessor to pivot the bank more towards Asia despite slowing Chinese growth.

The bank is facing squeezed margins in its western markets and lower rates and regulatory costs in its UK hub. Far from hiring, it has been firing staff in some European operations.