Haitong International presses claim to private banking future
By trumpeting a decision to relocate its private banking team to a pricier Hong Kong locale, Haitong International comes across as desperate for a headline. Then again, if it leads to a shinier future, it could be a prophetic moment for the big Shanghai institution.
It appears the desire to be seen at all times, and by as wide an audience as possible, is no longer the sole domain of egomaniacal celebrities.
Until recently, most banks and firms quietly got on with business. They made things and announced results. Now and then they gobbled each other up or got into hot water with regulators. That was pretty much it.
No longer. Some institutions now find it hard to go 24 hours without broadcasting exciting news about, say, a new hire or sustainability target on social media.
Few among us read or hear these banal utterances, but marketing teams – desperate for an employer to remain relevant – feel compelled to keep feeding the beast.
This strange, needy compulsion to be observed sprang to mind on Monday, on receipt of an emailed press release from Haitong International Securities Group.
The investment bank was excited to reveal the relocation of its private wealth management (PWM) division to One International Finance Centre (IFC) in the heart of Hong Kong.
And that was it.