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The Canadian operations are a “Top Five” producer of profit before taxes, contributing 7.6 per cent of total earnings for Europe’s biggest bank last year, up from 4.4 per cent in 2015. HSBC Canada had profit before tax of $715 million last year and revenue of $2 billion.

HSBC Canada is revamping its operations, spending more to update technology and rolling out new offerings for customers. Stuart added 60 commercial bankers in the last year and aims to hire up to 40 more by year end to the division’s 1,000-strong workforce. In investment banking she’s added a dozen professionals in the past 12 months to lift staffing levels to about 180 people. She’s repositioned the firm’s retail and wealth offerings to draw a broader clientele of Canadians to compete with the other big banks.

“We’re an international bank in the country and we have to compete on that basis, but we have to be good competition for any bank in the country — whether it’s the Big Five or a small regional player here in the west,” Stuart said. “Our job is to compete and to do that, you have to be certain that your product offerings are competitive, and what’s the right market share for you.”

Retail Expansion

On retail banking and wealth, which has about 2,400 employees, HSBC has made some key changes. Last October, the lender recruited Larry Tomei, a 22-year veteran from Canadian Imperial Bank of Commerce to head up the business. The bank, which previously targeted a more affluent clientele for its mortgages, has “broadened its strategy” to woo a broader range of customers leading with that mortgage offering, according to Stuart.