No members of the APAC management team have local market ties; they are all from outside the region. Leadership intends to evolve the firm from a staffing agency for HSBC into a true consulting firm. The banking and wealth management endeavor was a complete failure. It continues to be an HSBC body shop after 3 years. An insurance partner was hired to aid their expansion into the insurance industry. This individual was supposed to be well-connected with Hong Kong’s main insurance companies. A year on and still without any significant wins in the insurance domain.
Advancement and assignments depend entirely on connections and mentorship, not merit. Some people, despite being on bench for over a year, still received promotions.
Wipro’s 2023 annual report shows APAC had approximately a US$15 million loss. Wipro needs a new APAC management team.