Banks hire more to leverage US$93bn tech deal surge

Investment banks are investing heavily in increasing their headcount specifically in the technology sector in Southeast Asia and India as the region’s fast-growing consumer internet markets look to close the gap and catch up with more mature markets.

Some global financial institutions including Barclays Plc and Citigroup Inc have even carved out new senior positions, while regional and boutique players are increasing general staff numbers to leverage the surge in deal activity, especially mergers and acquisitions and initial public offerings.

“Every single investment bank is looking to hire technology, media, and telecommunications bankers. TMT is an animal producing multiple babies. We need new-age bankers who think like entrepreneurs to cover them with the same speed as these startups,” said Anand Menon, an exec at an India-based headhunting firm.

Technology-centric investment bankers in Asia used to favor more economically stable and mature markets like Japan, South Korea, and in recent times, China. 

In Southeast Asia, Citigroup carved out a new MD role to oversee TMT. BDA Partners Inc, BNP Paribas SA, and Malayan Banking Bhd are some of the other lenders that are making similar hiring moves in the region.