Wealth Management Drives Huge Recruitment Push at ICICI

Stephen Harris

27 September 2006

Wealth management and analytics, in which banks analyse customer data to help them design products and model credit facilities, will be among the principle drivers of a new recruitment at ICICI, India’s largest private sector financial services group, according to a report in the Financial Times. ICICI expects to hire up to 40,000 people a year for the next three to five years to service future growth in India’s burgeoning banking and insurance sectors, according to KV Kamath, managing director of ICICI Bank, in an interview with the FT. ICICI currently employs about 150,000 staff. Earlier in the month, WealthBriefing reported that the head of Private Banking for ICICI Bank in Hong Kong, Abraham Verghese, had been suspended on full pay. WealthBriefing also reported that, in addition to the suspension of Mr Verghese, the entire private banking sales team have also either been suspended or have recently left the company.