At a time when global investment banks are downsizing their operations in India; a slew of mid-sized investment banks including Motilal Oswal and o3 Capital are looking to ramp up their headcount. Unlike the global giants in the investment banking space who are battling slowdown pressures arising out of escalating sovereign debt crisis in Europe and worsening US economy, domestic firms are riding on India's growth that is driven primarily by domestic consumption demand.
Firms which laid off executives in India since the beginning of September include Daiwa Securities, Bank of America Merrill Lynch, Nomura and UBS. The latest to join the layoff brigade is HSBC which plans to retrench about 1,200 people over the next two months. In contrast to this, boutique firm, MAPE Advisory Group recently hired Sunil Mehra a former Standard Chartered i-banker, as its managing director. Another advisory firm o3 Capital plans to hire at least three executives at a senior level besides a few junior-level executives. Also Motilal Oswal, which recently lost a 4-member team to UK-based investment bank Investec, has added on three new positions at executive director and director levels.
Source: The Economic Times