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Morning Coffee: Credit Suisse’s Asian hiring isn’t just about private banking

Credit Suisse hiring in Asia

An Asian expnasion

Credit Suisse’s new Asian expansion plans are supposed to be all about hiring new relationship managers as it prioritises its private bank over other units. By 2018 it wants to add more than 270 new RMs in Asia, taking its headcount to 800 from 524 currently.

But the Swiss firm isn’t just hiring in private banking. It’s now won regulatory approval for its mainland joint venture – Credit Suisse Founder Securities (CSFS) – to provide brokerage services in China for the first time, in the economic zone of Qianhai in Shenzhen.

Nicole Yuen, vice chairman for Greater China at Credit Suisse, has told Finance Asia that CSFS is now in “growth mode” and will expand its operations following the announcement of the approval. The firm currently employs 100 people, but Yuen didn’t give details of future hiring numbers.

Who is the firm likely to want to hire? It’s already stated that growing its team of equity researchers in China is a priority because of increased investor interest in A-share market analysis. However, as we reported earlier this year candidates for these jobs are in short supply in China and Credit Suisse will need to open its wallet to attract talent.

Sales and trading are the other obvious hiring areas ahead of the expected launch of a new market link between the Hong Kong and Shenzhen exchanges next year. And as the only two other overseas investment banks with brokerage licences in China, expect UBS and Goldman Sachs to be prime headhunting grounds for Credit Suisse.

Meanwhile:

BNP Paribas strengthens its private wealth business in Singapore. (International Advisor)

DBS appoints Hong Kong MD as new deputy group head of consumer and wealth. (Business Times)

Investors tell Westpac to crack down on pay. (ARF)

HSBC is shutting its private bank in India. (Reuters)

DBS and NUS team up to develop analytics talent. (Human Resources)

Why China is clamping down so hard on its own brokerages. (South China Morning Post)

It’s still safe to work at a Singaporean bank despite falling economic growth. (Reuters)

HSBC whistleblower jailed for five years by a Swiss Court. (Guardian)

ANZ strikes deal on pay and parental leave. (Business Spectator)



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