Credit Suisse recruits for Asia expansion

4 September 2006

Credit Suisse is to significantly step up its operations in Asia with the recruitment of up to 4,000 staff across the continent, press reports have claimed.

According to the Financial Times, the Swiss bank's chief executive Oswald Grubel confirmed that "between 2,000 and 4,000 extra staff" would be drafted in to shore-up its existing investment banking, asset management and private banking operations, through various back-room operational roles.

The move signals Credit Suisse's growing desire to develop its presence in Asia, particularly in the Chinese financial market, which is currently beginning to open up to foreign investment.

Mr Grubel told the Financial Times that the Chinese domestic brokerage market was a particular target, saying that foreign involvement would be crucial for its development.

"It will be important for China to have the international expertise to help develop its domestic brokerage market," the paper quotes him as saying.

"But that process depends on the government, as it has the power to grant licenses."

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