Credit Suisse has unveiled plans to double staff numbers in India and isn’t the only bank upping staff numbers in the region – Swiss rival UBS is also looking to double its Indian headcount and the likes of Merrill Lynch and Citi are also building their business on the subcontinent.
M&A deals in India are actually down 27% to $28.6bn in the first half of 2008, according to figures from Dealogic. But this is still a sharp rise in activity than a few years ago, and business is set to remain robust in-line with the country’s rapidly growing economy.
While local talent typically takes precedence for junior and mid-ranking roles, experience suggests banks will also be looking to ship out some senior heavy hitters. Recent examples include Amrit Singh who moved from Deutsche Bank’s London office to head up its M&A business in Mumbai and Kevan Watts, the new president of Merrill Lynch in India, who transferred from Hong Kong.
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