September 4, 2006 – Switzerland based bank, Credit Suisse made an announcement on Monday that it planned to expand its work force within the profitable Asia-Pacific area.
Oswald Grubel, the banks’ Chief Executive was quoted as saying “Credit Suisse intends to create 2,000 to 4,000 jobs in backroom operations, investment banking, asset management and private banking in the next two years”.
Credit Suisse is the second largest bank in Switzerland and has been very open about its expansion plans.
The Asia-Pacific region is a particularly lucrative area currently due to the swift expansion of its economies and the level of wealth in the region is rising faster than anywhere in the United States or Europe.
Two years ago, Credit Suisse established a office support center in Singapore that mirrored their offices in America and Europe and earlier on in 2006 a further nine hundred jobs were created in the nation.
Grubel said that “The demand for financial services is growing across Asia and banks are part of that story”.
The bank, however, would not comment on the precise number or location of jobs that it planned to create in the area.
A Zurich Cantonal Bank analyst, Andreas Venditti, speculated that it was likely some of the positions would be for wealth managers considering the fact that a number of their private bankers based in Asia had recently left.
He added that “Competition in Asia is very high because everyone is trying to grow and there is not a great supply of experienced advisors in the region. Costs in this area have risen dramatically in the last few years”.
One of Credit Suisse’s main rivals UBS has also recently announced plans for expansion in the area and said in July of this year that it was nearing completion on a deal to purchase part of Beijing Securities, a Chinese investment company which would make it the first foreign financial company to make such a deal.
Venditti said however that he did not think that this meant Credit Suisse was far behind UBS saying that “It is not a case of playing catch-up, there are a few big players in the region and Credit Suisse is definitely one of them”.