Credit Suisse wants to hire more than 900 wealth managers and investment banks in Singapore to support its expansion in the region, accordin...

Credit Suisse wants to hire more than 900 wealth managers and investment banks in Singapore to support its expansion in the region, according to a Bloomberg report. The report said some of Credit Suisse’s operations in other countries will be redeployed in Singapore. Currently, the Zurich-based bank has around 2,200 employees in the South-east Asian city. Singapore is Credit Suisse's biggest private banking centre outside its Zurich headquarters. According to the Bloomberg report, it ranks fourth among private banks in Singapore, behind UBS, Citigroup, and HSBC, measured by assets under management. Credit Suisse’s newly spun-off private bank Clariden Leu is also looking to expand in Asia, with reports suggesting it is looking to hire at least another 10-15 relationship managers a year in the region. Yesterday, WealthBriefing reported remarks made by Clive Standish, UBS’s chief financial officer, which said his bank is fighting a “war of talent” in the Asian wealth management market as competition for talent in the field intensifies. "Wealth management has been growing and the talent pool available is not that deep because the business doesn't have long roots in Asia," he said during UBS's earnings conference call last week.