In an interview with the Financial Times, he said that the bank’s wealth management unit planned a 40 per cent rise in Asian-based private bankers – the first time UBS had disclosed hiring plans in Asia.
The recruitment campaign is part of a drive by the Switzerland-based bank to restore confidence after the battering it took during the credit crisis which caused multiple job cuts and net withdrawals by private banking clients of almost SFr200bn ($188bn) since 2008.
Asia has been one of the bank’s revenue generators. In the fourth quarter of 2009, it was the only region in which UBS reported net inflows. UBS is seeking to build on this with the new recruits.
Mr Grübel is embarking on a tour of Asia, including Singapore and Tokyo, to meet staff to discuss strategy and bolster morale in the wake.
