StanChart to hire up to 12,000
Standard Chartered expects to add at least 10,000 staff this year, hiring talent from among those fired by shrinking rival banks to drive its growth in emerging markets.
By Agencies |
LONDON: Standard Chartered expects to add at least 10,000 staff this year, hiring talent from among those fired by shrinking rival banks to drive its growth in emerging markets. Richard Meddings, finance director, said Standard Chartered���s core markets had not shown a material slowdown due to the credit crunch and were resilient enough to withstand a US recession.
The bank will continue to invest heavily in China, India and other fast growing markets, and keep an eye out on potential acquisition opportunities, which may increase due to the financial industry turmoil, he told Reuters in an interview.
Mr Meddings estimated Standard Chartered will add 10,000 to 12,000 net staff this year. It had 70,000 staff at the end of 2007 after adding 26,000 people in the last two years. Its plans are in stark contrast with those of other banks, which are shedding thousands of jobs as they slim down in the face of lower revenue growth and a tough economic outlook in the US and Europe.
UBS said on Tuesday it will cut 5,500 jobs and big layoffs are expected at Citigroup and elsewhere. ���We���ve got room for good talent to join us given how we see the business,��� Mr Meddings said. Standard Chartered said on Wednesday it had seen a strong start to 2008 as its core markets held up despite wider turbulence.
Mr Meddings said Standard Chartered had good momentum behind it and emerging market economies were resilient, but there were uncertainties ahead and Asian markets had not decoupled from the United States, which remains a key trading partner.
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