StanChart will hire 10,000 as rivals cut staff


Asia-focused bank 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 recession in the United States.

The bank will continue to invest heavily in China, India and other growing markets, and keep an eye out on potential acquisition opportunities, which may increase due to the financial industry turmoil, he said in an interview.

Meddings said Standard Chartered would 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.

UBS said earlier it would cut 5,500 jobs and big layoffs are expected at Citigroup and elsewhere.

"We have got room for talent to join us given how we see the business," he said.