A BATTLE for financial talent is intensifying in China, one of the few places worldwide where global banks are firmly in hiring mode.

Credit Suisse Group AG this month hired a dozen analysts in China, almost half of whom used to work at UBS Group AG.

UBS has scooped up more than 40 people from global and local firms. Morgan Stanley has moved a team to the Chinese mainland and hired about 20, but also saw six bankers walk out the door, some to local brokers.

Along with Goldman Sachs Group Inc., most foreign firms are seeking to double their headcounts over the next few years.

The hiring follows China’s historic opening of its financial sector and stands in contrast to much of the world, with global banks announcing jobs cuts this year exceeding 63,000, on track for the deepest retrenchment since 2015.

The industry’s biggest players are betting there’s billions to be made in China on everything from merger advice to stock underwriting and trading — if they can find the right people.

“There’s definitely a talent war between some of the big global banks,” said Sid Sibal, a Hong Kong-based regional director at recruitment firm Hudson. “In China, there’s a finite amount of talent that one can poach from big investment banks, so they’re going to have to think out of the box.”

Credit Suisse has hired top ranked analyst Alex Liu and Tracey-Ruth Sun from UBS to lead its research operations. Last year, it snapped up UBS’ then head of research, Erica Poon Werkun. The firm pushed out about 30 bankers at the joint venture in July to make room for fresh talent.(SD-Agencies)