HSBC loses a senior Asia head to a Chinese financial giant in Hong Kong

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HSBC Bank - Hong Kong

One of the most senior risk managers in Hong Kong financial services has left HSBC to join Ping An Insurance, a further sign of the growing clout of Chinese firms in the local job market.

Jason Chiu has joined Ping An as a managing director and head of risk management, based in Hong Kong, according to his online profile.

He previously spent five years and nine months at HSBC Global Asset Management as head of business risk for Asia, reporting into the APAC COO on “risk, compliance, and internal control related issues”. Chiu joined HSBC GAM in 2008 as regional head of operational and credit risk.

His hire show that trend of mainland financial institutions hiring senior staff from western banks in Hong Kong now extends beyond the front office. As appears to be the case with Chiu, Chinese firms typically offer these candidates broader responsibilities and higher-ranking job titles.

HSBC and Citi, with their large middle and back-office headcounts in the city, are particularly vulnerable to poaching by Chinese companies looking to expand locally.

Ping An, a sprawling Shenzhen-based conglomerate whose business includes insurance, banking and investment, is one of these firms. Ranked by Forbes last year as the world’s largest insurance company, it has more than 175,000 employees globally and is listed on the Hong Kong exchange. It has been recruiting aggressively in Hong Kong for the past three years and the scale of its business gives it the clout to hire from western organisations, says a local recruiter.

Chiu is not the only senior HSBC employee in Hong Kong to have joined a Chinese company in recent months. In October, Jeff Chen, head of technology investment banking for Asia Pacific at HSBC, moved to Tencent-backed online healthcare firm WeDoctor as its chief strategy officer after 14 years in banking.

Prior to joining HSBC, Chiu was regional head of operations risk at J.P. Morgan from 2006 to 2008. He began his career at Credit Suisse in 1997 and also worked for Dresdner Kleinwort Wasserstein and Bank of East Asia.

Image credit:  fazon1, Getty

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