Barclays Capital to boost Singapore staff by 400
Barclays Capital is about to embark on a hiring spree with a view to boosting its presence in Singapore.
The Straits Times suggests the company intends to lift headcount by 25% to 400 staff. Robert Diamond, president of Barclays Capital is cited as saying the equity, credit derivatives and commodities businesses are likely to spearhead expected revenue growth of 25%.
A Barclays spokesperson tells us the numbers are correct and that the core businesses planned for expansion also include investment banking, and asset and wealth management.
Paul Lyons, group managing director of recruitment firm Ambition, says Barclays isn't the only banking on the hiring warpath. "The war for investment banking talent is about to get ugly," he ominously predicts. "The expansionary move has many rival institutions in Singapore, Hong Kong and Australia bracing for the fallout."
Barclays is joining other firms who have announced expansion plans for Asia. Credit Suisse plans to recruit up to 4,000 staff over the next two years. Merrill Lynch and Royal Bank of Scotland (RBS) also recently expanded in Singapore, according to Straits Times.
Dennis Koh, a Singapore based Managing Partner of Goshen & Staines, an executive recruitment firm, tells eFinancialCareers.com the emphasis in hiring people with cross border experience covering South East Asia and/or South Asia including India: "Across the board, foreign owned-banks and local banks alike are active."