(Bloomberg) — UBS Group AG doesn’t plan to make the large-scale job cuts seen at international friends because the enterprise of creating investments for rich purchasers continues to see strong development, Chief Govt Officer Ralph Hamers mentioned. 

“We’re not in retrenchment mode,” Hamers mentioned in an interview with Bloomberg Tv on the World Financial Discussion board in Davos on Tuesday. “We’re hiring for what we name crucial jobs. In Asia Pacific, within the Center East, we’re hiring completely as a result of now we have the momentum,” he mentioned. 

With Europe and the US flirting with recession, and after a yr of weak dealmaking, companies together with Goldman Sachs Group Inc. and BNY Mellon Corp. are slicing hundreds of jobs as they give attention to trimming prices. Hamers’ optimism underscores the divergence in outlook for international development, with the Center East specifically having fun with an energy-related money windfall. 

Learn Extra: Goldman to Reduce About 3,200 Jobs This Week After Value Evaluate 

“We’re actually bucking the development on the subject of asset administration and wealth administration,” Hamers mentioned. Financial institution of America Corp. has additionally mentioned that it plans to extend the variety of advisers in wealth administration after the enterprise set data. 

Hamers’ cautious optimism was echoed by Christiana Riley, head of Deutsche Financial institution AG’s enterprise within the Americas. She signaled that the financial institution is “selectively, opportunistically taking a look at what the market might current,” by way of hiring in a separate interview in Davos. 

Optimism can also be rebounding in Asia as China abruptly known as an finish to the its strict pursuit of Covid Zero and partially reopened its borders to international vacationers. Globally, M&A offers shrank 33% final yr, with Asian dealmaking sliding 22%, in keeping with information compiled by Bloomberg. 

UBS expects its Asian wealth enterprise to develop this yr, Asia Pacific President Edmund Koh informed Bloomberg final week. He too vowed so as to add expertise to his division. 

The Asian wealth unit has benefited from outflows at rival Credit score Suisse Group AG as tons of of rich purchasers have been looking for to shift their funds, Bloomberg has reported. 

UBS’s whole headcount crested 72,000 within the third quarter final yr, up by 3,347 for the reason that finish of 2019, in keeping with filings. The financial institution’s shares are up 8% up to now 12 months.

Final yr the financial institution backed away from buying robo-adviser Wealthfront, a deal that was meant to widen its attain to the decrease rungs of the rich there. As a substitute, UBS has mentioned it might give attention to its conventional very excessive internet price buyer base. The reversal of the Wealthfront deal and recalibration of the US technique had been a blow to Hamers, who staked the early a part of his time period as CEO on effecting a digital-first wealth-management 

The Swiss lender’s US technique is in flux after longtime Americas chief Tom Naratil retired, leaving Iqbal Khan to tackle international management of the wealth administration enterprise. 

Hamers mentioned Tuesday that his technique has been clear since he turned CEO, with the US forming one a part of a “barbell” of development areas, the opposite being Asia. 

Learn Extra: UBS Backtracks on CEO’s Plan to Attain Wider Swath of US Rich

“We are going to give attention to Asia as that’s the place entrepreneurial development is, together with China,” he mentioned. “And we’ll give attention to the US, as a result of that’s the place entrepreneurial wealth development is as effectively. There’s a two poles technique by way of development assist.”

Within the US, Hamers mentioned the financial institution is dedicated to rising the size of its enterprise there. 

“We have to develop our banking product providing as effectively on each mortgage and deposit sides,” he mentioned. “And we have to spend money on digital with the intention to assist scale and for purchasers to entry the data themselves and we’re launching a few of these merchandise as we converse.”