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Swiss finance giant shows confidence in country's economic prospects with plan to double its payroll.
Swiss bank UBS Group AG said on Monday that it plans to double its headcount in China, offering a vote of confidence when concerns about slowing economic growth have been unsettling both the domestic and global stock markets.
Sergio Ermotti, chief executive officer of UBS, said that the bank will add about 600 staff in China, a significant proportion of which will be allocated to its wealth management business.
"This decision is a natural evolution of forwarding our business in Asia, which is also in line with our expectation for our business to grow to the next level, in particular the wealth management business," Ermotti said in an interview with China Daily on the sidelines of the bank's annual China conference in Shanghai .
China's long-term growth prospects and the rising wealth of Chinese citizens will continue to be a strong business engine for UBS as the nation is already a significant contributor to the bank's regional earnings, Ermotti said.
While admitting that the coming year will be very challenging, Ermotti said that the bank tends to focus on China's medium- and long-term growth prospects. Fang Dongming, head of China equities at UBS, said that the bank will seek to diversify its equities business from the traditional commission revenues under the Qualified Foreign Institutional Investors program to new business including margin trading, short selling, derivative business, and cross-border financing and investment business.
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