An insight into HSBC's technology practices

19 February 2010

2 minute read

An insight into HSBC's technology practices

When it comes to technology, HSBC doesn't do (much) outsourcing, nor does it allow "low performers" in-house to stick around for long. However, it looks after those IT workers it values, and has plans to add to its ranks again this year.

Banking Technology magazine has featured a wide-ranging interview with Ken Harvey, chief technology and services officer at HSBC.

In it he points to the fact that just 4% of software development is outsourced - compared to an industry average of 24% - and says that (good) techies stick around. "We pride ourselves that the retention rate of our high performers is extraordinary," he said. "We tend to manage out low performers fairly quickly," he added.

Harvey was, of course, talking about the bank as a whole, where the primary focus over the last few years has been on paring back costs through the development of its One HSBC technology transformation project.

Looking specifically at HSBC's corporate and investment bank, headhunters tell us that it has been "actively recruiting across several of their technology areas" over the last six months.

One particular sector of note is foreign exchange. Having hired Anthony Woolley as global head of FX e-Commerce IT in August last year, it is now thought to be adding headcount in this area.

It's also believed to be recruiting for a securities processing programme, and is on the hunt for project managers, technical architects, developers and business analysts, according to recruiters.

There are also thought to be IT roles on offer around its recently launched HSBC Prime Services business.

AUTHORPaul Clarke

mr
mr bank
24 February 2010
"nor does it allow "low performers" in-house to stick around for long"....
Is that serious, maybe you should work there, indeed it does not let them "stick around", they promote them, give them a great role overseas and look after them...
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Da
David
23 February 2010
IT is only a cost if it does not provide a service. If the service provider does not provide value for service, you get rid and move to another vendor.
If the IT group provide a service that is value for money, it is a cost you bear. If it provides a value add service that allows you to generate capital (profit), it is an enabler. If it generates money in its own right, it then also becomes a profit centre.
With regards to your comments about a mechanic in the army not fighting, you are also mistaken. Give him a 66mm or 84mm LAW, he will take out your M1-A and brew you and your crew in it. Even mechanics are infantry soldiers first, at least in the British Army.
Sorry to blow you out the water, and so long as it is legal and within the rules of engagement, who cares how many you have to kill.
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Ma
Martin
23 February 2010
@ITisacost The analog to the mechanic is not an IT person, it's a compiler. A better analogy is: IT generates business the way a tank designer fights wars. Fire the tank designers and pretty soon your Panzer will get flattened by the other guys' M1-A. If wars were every three generations you'd have a prayer. If wars are every few months, you're going be the one getting over it.
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Kl
Kloot
21 February 2010
That's because they're a bank not an IT company. IT is a cost. Its doesn't generate business anymore that than a tank mechanic fights wars. Get over it.
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ma
maggie
20 February 2010
each year around Chinese New Year, the HSBC in HK slashed hundreds of IT staff , then almost immediately hire more junior people. it has become the jeer in chat rooms. don't even get near this monster. only certain level of staff are treated 'nicely' and IT certainly belongs to the bottom-most level -- worst than the cleaners and security staff since they are percieved to be replaceable through outsourcing and removal of entire centres to cheaper areas including PRC and say, Sri Lanka.
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