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Will Credit Suisse hire hundreds of private bankers?

Could Credit Suisse be about to go on a hiring rampage in Tokyo? That at least is what Junya Tani, the Japan head of the firm’s private banking business, seems to be planning.

Talking to Bloomberg earlier in the month about Credit Suisse’s business plans for the next five years, Tani said he would like to boost the number of staff in Japan to several hundred. That would represent a huge expansion from the current team of about 40 employees.

A spokeswoman for Credit Suisse was unable to add any further details about Japan, but said the firm aims to further increase the number of relationship managers it employs in Asia Pacific.

But exactly what kind of talent is CS likely to be interested in? Sandy Su, a banking consultant at Hays, says unless there were entry-level positions available, it would be “very difficult” to land a private banking role in Japan with no experience because firms tend to only hire talent who can bring a customer base and good track record with them.

On top of that there would likely be tough language requirements. “Being bilingual is ideal, but the priority is native-level Japanese language skills – especially being able to use polite Japanese when dealing with clients,” says Su.

But with private banking considered to be underdeveloped in Japan, will CS be able to find enough talent that is both experienced and fluent in Japanese?

That’s something that Credit Suisse declined to comment on, but Su was upbeat. “It might not be so difficult for a firm like CS to find talent because there is so much on the market and CS has a good reputation, which can attract talented people to join the team,” she adds.

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