Credit Suisse will look to accelerate its mainland China expansion with the latest plans to double its headcount over the next five years.
«China is our strongest focus when it comes to headcount, and infrastructure growth compared to any country in the world,» said Helman Sitohang, Credit Suisse’s APAC chief executive, in a «Bloomberg» report. «The worst of Covid’s impact on the [Asia’s] business activity is behind us.»
The bank has been actively hiring top talent across the board to fill top positions in its mainland businesses including private wealth heavyweight, Wang Jing, alongside investment banking vets Tim Tu and Daniel Qiu.
Targets in Numbers
Within China, Credit Suisse plans to double headcount over the next five years with an eye on also doubling revenue from the market. In addition, the bank will also double contribution to revenue growth deriving from ultra-high net worth strategic clients over the next three years.
As of 2019-end, Credit Suisse’s China securities venture housed 154 employees with products and services across financing, trading, wealth and asset management. According to unnamed sources in the report, the bank let go around 30 bankers at the joint venture in Jul as part of plans to hire fresh talent.
«The capital released doesn’t happen overnight, but the efficiency that we expect on the cost side as well as on the capital side will be deployed back into the wealth management,» Sitohang added. «Asia will be a priority.»
