Citigroup has stepped up hiring in Brazil, joining a growing war for talent among foreign banks seeking greater market share in Latin America’s largest economy.
Citi has hired 380 people in April in the country on top of 400 it hired in the first quarter and 500 last year across all business areas, executives said on Wednesday during a visit by Vikram Pandit, Citi chief executive.
The bank’s headcount has reached 7,000, double that of five years ago, executives said.
“We need skilled, qualified people,” Mr Pandit said in São Paulo. “A lot of the emerging markets are in exactly this place.”
The expansion in fast-growing markets such as Brazil comes as Citi is looking to recover ground lost to competitors, such as JPMorgan Chase and Bank of America, during the financial crisis.
The group is planning to hire 500 bankers and traders over the next two years to strengthen its investment banking and securities offering globally.
In Brazil, global investment banks are aggressively hiring. JPMorgan has grown sixfold in 14 months and is planning to double its presence in the medium term to about 1,100-1,200.
According to figures from Dealogic, the data company, last year records were set across all the big business areas of investment banking in Brazil, as the economy grew 7.5 per cent year on year.
The volume of mergers and acquisitions in 2010 reached nearly $153bn compared with almost $60bn a year earlier, while equity issuance was more than $49bn, close to double that of a year earlier. Debt issuance was more than $48bn compared with nearly $30bn in 2009.
Henrique Jose Szapiro, human resources and corporate affairs officer at Citi in Brazil, said that in the bank’s hunt for talent, it was beginning to draw expatriate Brazilians and other Latin Americans working for the group abroad back home.
“It’s gone beyond that phrase of a ‘war for talent’ – we’re past that,” he said.
In other comments, Mr Pandit said he did not believe Brazil was facing a credit bubble in spite of rapid annual loan growth in the past few years of above 20 per cent.
Mr Pandit said inflation was a concern in all emerging markets and needed to be addressed through measures to increase supply.
“Almost all emerging markets are operating at capacity if not overcapacity,” Mr Pandit said.
Source: www.ft.com
Citi has hired 380 people in April in the country on top of 400 it hired in the first quarter and 500 last year across all business areas, executives said on Wednesday during a visit by Vikram Pandit, Citi chief executive.
The bank’s headcount has reached 7,000, double that of five years ago, executives said.
“We need skilled, qualified people,” Mr Pandit said in São Paulo. “A lot of the emerging markets are in exactly this place.”
The expansion in fast-growing markets such as Brazil comes as Citi is looking to recover ground lost to competitors, such as JPMorgan Chase and Bank of America, during the financial crisis.
The group is planning to hire 500 bankers and traders over the next two years to strengthen its investment banking and securities offering globally.
In Brazil, global investment banks are aggressively hiring. JPMorgan has grown sixfold in 14 months and is planning to double its presence in the medium term to about 1,100-1,200.
According to figures from Dealogic, the data company, last year records were set across all the big business areas of investment banking in Brazil, as the economy grew 7.5 per cent year on year.
The volume of mergers and acquisitions in 2010 reached nearly $153bn compared with almost $60bn a year earlier, while equity issuance was more than $49bn, close to double that of a year earlier. Debt issuance was more than $48bn compared with nearly $30bn in 2009.
Henrique Jose Szapiro, human resources and corporate affairs officer at Citi in Brazil, said that in the bank’s hunt for talent, it was beginning to draw expatriate Brazilians and other Latin Americans working for the group abroad back home.
“It’s gone beyond that phrase of a ‘war for talent’ – we’re past that,” he said.
In other comments, Mr Pandit said he did not believe Brazil was facing a credit bubble in spite of rapid annual loan growth in the past few years of above 20 per cent.
Mr Pandit said inflation was a concern in all emerging markets and needed to be addressed through measures to increase supply.
“Almost all emerging markets are operating at capacity if not overcapacity,” Mr Pandit said.
Source: www.ft.com
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