European Bank Hires Top 3,600 As Profits Soar

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European banks have recruited more than 3,600 corporate and investment banking staff since the start of the year to beef up their businesses and maintain booming profits.

The hirings mean European banks have added more than 20 staff per day this year. This shows no signs of abating as firms, several of which surpassed profit predictions after the financial sector half-year reporting season started last week, plan further hires to strengthen certain parts of their global investment banking business.

Heading the hiring spree is HSBC, which has added more than 1,000 staff after 1,894 new employees joined and 822 left, according to its interim report. SG Corporate & Investment Banking has added 750 staff globally this year, of which 400 are in front office fixed-income or equity derivative roles. Two thirds were in Europe.

Barclays Capital, whose profits surged two thirds to a record $2.3 billion in the first half, has hired 600 staff in its push to meet chief executive Bob Diamond's target of doubling profits to $5 billion in the next five years. Barclays' UK rival Royal Bank of Scotland has recruited 500 staff to its corporate markets arm, which was rebranded this year and employs 16,300 people.

A spokesman for Deutsche Bank said it hired 447 staff at its corporate and investment bank during the first half of the year, bringing the total to 13,249. French rival BNP Paribas is on track with its plan to add 500 staff this year.

ABN Amro and Credit Suisse, the other banks to report half-year figures last week, did not disclose employee numbers, although a source at the Swiss bank said it has hired several staff in specific sectors including derivatives and its financial institutions group.

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