Credit Suisse to hire thousands
Credit Suisse plans to recruit up to 4,000 into investment banking, asset management, private banking and operations roles in Asia over the next two years as it makes a firm commitment to expanding in the region.
Credit Suisse will hire "between 2,000 and 4,000 extra staff," chief executive Oswald Grubel, told the Financial Times, with 4,000 hires representing a doubling of the bank's current staffing levels in Asia. Many of the jobs are expected to be in its Asian-based back office operations.
Walter Berchtold, the bank's global head of private banking operations, says Credit Suisse planning an aggressive push into wealth management markets in Asia, and plans to hire 140 client relationship managers in the next 12 months the FT reports.
Grubel also says Credit Suisse is seeking to enter China's restricted domestic brokerage market. "But that process depends on the government, as it has the power to grant licenses.
Seperately, if Credit Suisse wants to recruit expatriate staff into Hong Kong it may yet find it necessary to pay over the odds. A survey by Hudson, the human resources consultancy, suggests the territory is now seen as a hardship posting due its poor air quality. 52% of respondents to the Hudson survey said they'd found it necessary to offer 'much higher' salary packages in order to lure people to work there.