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OCBC Has No Plans for Layoffs or Major Overhaul; HK Wealth Mgmt Biz Continues Expanding
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Despite escalating market uncertainties, OCBC Group CEO Helen Wong reaffirmed the group's commitment to its HKD1.5 billion investment in the Greater China region, including upgrades to office facilities and data centers, which are expected to be completed 50% by the end of 2025 and fully in 2026. In terms of recruitment, the group will balance its workforce through natural attrition, but has no plans for layoffs or major overhaul as it is in a growth phase with key priorities being talent retention and productivity optimization, Wong emphasized. Rickie Chan, Head of Private Banking (Greater China) and Chief Executive of the Hong Kong Branch of Bank of Singapore, noted that wealth management remains the main growth engine for the business, with AUM (assets under management) rising by 20% YoY in 1Q. Trade tensions and economic uncertainties have affected the sentiment of ultra-high-net-worth clients in the West since April, Chan confessed. However, the Asian wealth management market, especially in Hong Kong and Singapore, has been expanding as driven by cross-border capital flows and wealth growth. The group will accelerate the onboarding of ultra-high-net-worth clients by increasing the number of relationship managers and optimizing product solutions. AAStocks Financial News |
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