Zurich-based UBS plans to double its headcount in India by the end of 2018. The move signifies a change in strategy in the country where wealth is growing fast.
Swiss banking giant UBS aims to double the number of people it employs in India. The bank claims the country is a crucial component of its technology and talent strategy.
The aggressive recruitment policy will see up to 3,000 people employed by UBS in India, Kirt Gardner, group chief financial officer said in an interview with Indian publication «The Economic Times.»
Fast Growing Wealth
Gardner also hinted that UBS, if the regulatory conditions allowed, would consider wealth management options in the country and will assess if it needs to be onshore as domestic wealth continues to grow.
In November 2017, amid speculation that the Swiss bank was shifting its strategy in the country, Aashish Kamat, UBS' former head in India stepped down.
He was replaced by Harald Egger, a Swiss banker who made his name as a cost-cutter. As sourcing head based in Zurich, Egger pioneered moves such as ending permanent desks at UBS's offices and encouraging employees to «hot desk» to save real estate costs.
