Citigroup and UBS 'seeking to hire additional staff in Asia'

29 March 2010

Western banks such as Citigroup and UBS are seeking to hire more staff in Asia, it has been reported.

According to an article in the Financial Times, this is a growing trend among Western financial institutions operating in the region – with other firms such as Bank of America Merrill Lynch involved in the hiring process.

Barclays, Deutsche Bank and Standard Chartered are also said to be seeking to employ more bankers in Asia.

Philip Clayton of Clayton Asia told the news provider that large pay packages are being offered in an attempt to lure staff to these and other companies.

"Compensation for top bankers in Asia is generally approaching 2007 levels and in some cases is exceeding it," he said.

Last month, Vikram Pandit, chief executive officer of Citigroup, told the Financial Times the bank is planning to expand its retail banking operations in the region.

Its Asian operations made the firm $4.5 billion last year.

By Tony Aynsley

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