While some of the investment banks are shedding off staff, I do hear some encouraging news lately. This might make even more sense to my Asia Pacific readers.
Credit Suisse places ads to hire Asia private bankers
23 April 2009 Reuters News
Credit Suisse has placed advertisements in newspapers to hire experienced private bankers in Asia, at a time rivals have been shedding staff.
The Swiss bank placed an advertisement in the Wall Street Journal Asia on Thursday asking bankers to make appointments with senior Credit Suisse officials in Singapore, Hong Kong, Japan and Australia.
Similar ads went out in the Financial Times and Singapore's Business Times, a Credit Suisse spokeswoman said.
"Amid unprecedented market turmoil, our private banking business recorded strong asset inflows," the bank's head of private banking for Asia-Pacific, Marcel Kreis, said in the Wall Street Journal ad.
"Private banking is one of the core businesses of Credit Suisse, with a notable high performance in Asia."
The No. 2 Swiss lender's advertisements come as jobs are cut at the private banking arms of rivals such as UBS and HSBC, and ahead of Credit Suisse's first-quarter earnings later in the day.
UBS last week laid off about 240 private bankers in Asia, while HSBC said on Tuesday it was cutting 100 private banking jobs in Hong Kong [ID:nLL396647].
Citigroup , Societe Generale and Barclays also recently shed staff from their wealth management arms in Asia.
Credit Suisse's private banking arm last year generated 50.9 billion Swiss francs in net new assets including 8.4 billion Swiss francs from clients in the Asia-Pacific.
A Credit Suisse spokeswoman in Singapore declined to say how many bankers the company was planning to hire.