Investment banks have begun hurriedly beefing up their teams by hiring middle- to senior-level bankers amid expectations of a boom that will reverse the slump of the past few years. They expect the new government to usher in reforms that will help Indian companies raise money at improved valuations and embark on mergers and acquisitions (M&A) after a three-year lull. At least five investment banks have sounded out headhunters to search for bankers at these levels while many global I-banks have now stopped letting go of talent after rigorous cost-cutting in the past year or so. “We will add between 8% and 10% to our rolls in the middle to senior levels across investment banking, foreign institutional equities and asset management,” said Vikas Khemani, chief executive for wholesale capital markets at Edeleweiss.

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