Credit Suisse boosts Asia hiring to tap fast-growing markets

Hong Kong

CREDIT Suisse Group AG has boosted its headcount by more than 100 across Asia-Pacific this year as the Swiss lender seeks to increase the share of revenue it draws from the region's fast-growing markets.

Almost half of the net hires had been recruited since mid-March, according to people familiar the matter, a period during which the bank grappled with the fallout from its ties with collapsed family office Archegos Capital Management and supply chain financier Greensill Capital. The number excludes its India operations and information technology centre, the sources said.

Chief executive Thomas Gottstein has said growth in Asia-Pacific was strong during the quarter when the lender was pushed into the red by a US$4.7 billion hit from the Archegos debacle, which also prompted the ouster of a string of senior executives. Pre-tax income from the region more than doubled to US$577 million.

Recent additions at its investment bank include Dragi Ristevski, who joined from Citigroup Inc as Asia-Pacific head of financial sponsors; and Rachel Li, a managing director from Haitong Securities Co. Ms Li will focus on new economy and telecommunication, media and technology coverage in China, the people said.

Credit Suisse has also lost some staff in an increasingly heated search for talent. LGT Private Banking recently poached a senior private banker in Tokyo to spearhead a new operation in Japan. He's among several former Credit Suisse staff who have joined or are in the process of joining LGT, the sources said last month. Those departures came after Russ McFarland, a desk head for Credit Suisse in Tokyo, left to join Bank of America Corp.

Credit Suisse has previously outlined plans to triple its headcount in mainland China, joining other banks in a push as the nation opens its US$53 trillion financial market.

It targets raising the Asian share of its total revenue to 25 per cent from about 20 per cent. Much of the expansion will be focused on advisory and investment banking services for the ballooning ranks of China's rich.

In its wealth business, recent additions include Ray Chun from Citigroup Inc in Hong Kong, the people said. Also hired were Klara Chan, formerly at JPMorgan Chase & Co, and Arleen Sy from HSBC Holdings Plc in Hong Kong, according to an internal memo. The bank has reported a net hiring of 30 relationship managers in the first quarter for Asia. BLOOMBERG