Lunchtime Links: HSBC is adding 500 private bankers, building in equities and commercial banking

Despite its emerging markets focus, HSBC is still ostensibly a British bank and has has kick-started this week's second quarter UK reporting season with a bang. Profits have doubled year on year to $11.1bn (7bn), driven by shrinking bad debt levels and strong growth in its commercial and retail banking businesses.

Even its investment bank fared relatively well, with profits shrinking by a comparatively tiny 13% year-on-year compared to a very strong first half in 2009. Predictably, though, pay looks fairly modest, with "just over 20%" of revenue within its global banking and markets division set aside for compensation.

But, of course, much of this positivity is down to HSBC's performance outside of Europe (and the US) and this is reflected by its hiring plans, which are still largely focused on emerging markets.

In private banking, it plans to add "500 customer-facing staff" over the next three years covering Asia, Latin America and the Middle East. It's also intending to recruit 500 relationship managers and business specialists within commercial banking, focusing on expansion in Brazil and Mexico.

Within its investment bank, however, Europe will benefit to some extent. HSBC is aiming to build out its equities platform, across advisory, equity capital markets, research and distribution.

It's made some key hires in this area recently, including John Compton as global head of equity capital markets (based in London) and Thomas O'Leary as head of cash equities for the US.

It also plans to add 1,000 relationship managers within its Personal Financial Services division.

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