HONG KONG, April 1, 2026, 19:17 (HKT)
HSBC Holdings has tapped Max Xu to lead International Wealth and Premier Banking in China, the business that’s driving its affluent-client strategy. Samuel Chen will take over as head of the China private bank. Both appointments are effective April 1. According to the bank, mainland China remains a linchpin in its international wealth ambitions, with wealth invested assets up 37% in 2025. Kai Zhang, the group’s Asia wealth chief, put household cash holdings in China at “around USD22 trillion.” 1
These hires take on fresh significance as wealth becomes a core growth lever for Chief Executive Georges Elhedery, who’s in the midst of reshaping HSBC and pushing to boost returns. The bank, in February, bumped up its return on tangible equity target to 17% or more through 2028—even with a 66% plunge in mainland China pretax profit last year. Jefferies noted investors might “welcome the strong results” but flagged potential doubts about whether those tight cost controls can hold as AI-related spending ramps up. 2
China’s decision comes as HSBC pushes ahead with a larger simplification effort. Last month, Reuters said the bank was considering job reductions that might hit around 20,000 positions over a three-to-five-year window, as HSBC ditches underperforming divisions, pares back management tiers, and seeks to streamline operations. 3
The shakeup isn’t only a matter of reductions. HSBC tapped David Rice to be its inaugural Chief AI Officer last week, with his official start set for April 1. Elhedery said the plan is for artificial intelligence to speed up and personalize services, but human judgement, he insisted, remains “at the core.” 4
The fight for clients isn’t letting up. Hong Kong is rolling out more sweeping tax incentives to pull in asset and wealth managers. Standard Chartered flagged a 24% surge in wealth income last year. UBS, for its part, logged solid inflows in Asia, Europe, and the Middle East through its wealth division, though its U.S. unit underperformed. 5
Beijing isn’t just focused on domestic players. Back in March, executives from HSBC, UBS, and Standard Chartered showed up at a business forum in the capital, where Premier Li Qiang promised foreign firms a fairer shake. 6
The picture isn’t uniform. China’s largest state lenders reported this week that profit growth is slowing, with margins squeezed by a battered property sector, sluggish credit appetite, and an unpredictable global backdrop. Last month, JPMorgan flagged HSBC and Standard Chartered as the European lenders most at risk from Middle East tensions, warning that any escalation would probably dent earnings before anything else. 7
So far, investors are on board with the wider overhaul. HSBC shares surged in January, pushing the bank’s market value past $300 billion for a short spell and putting it close to the top of the FTSE 100 in London. 8
