Merrill embarks on international hiring spree

Merrill Lynch is looking to hire investment bankers in Europe, traders in Asia and to double the size of its private banking business in Japan in a bid to establish itself as a serious contender in international markets.

It seems that after slashing half the firm's foreign staff between 2001 and 2003, the US bank has had a rethink, especially in light of the success of Goldman Sachs, Lehman Brothers and Morgan Stanley in foreign markets, Bloomberg reports.

In 2000 Merrill's foreign workforce stood at 19,900, but headcount was diced to 9,900 by the end of 2003. However, as of December Merrill's overseas headcount stood at 11,400 - 21% of the firm's staff - and the number is reportedly growing.

Chief executive officer Stanley O'Neal has been a busy bee, engaging in some serious jet-setting and bridge building in the past year. Bloomberg says he's visited clients in at least 10 countries, including China, Italy and France. Merrill has also been making serious attempts in Japan, India, the Middle East, North Africa, Spain, Portugal and Turkey.

In the past two months, Merrill has also been hiring debt traders for Japan, Indonesia, Malaysia, Thailand, Singapore and Australia.

Ahmass Fakahany, Merrill's chief administrative officer said in May the firm is trying to form alliances and joint ventures in Europe and Asia to boost international sales at its retail brokerage.

The bull is back.