UBS plans to double its headcount in China to 1,200 over the next few years, mostly by hiring more wealth management advisers but also by adding investment bankers. UBS chief executive Sergio Ermotti announced the Swiss bank's plans to grow, despite mounting concerns about growth slowdowns in China and Asia, which have seen many European and US banks pull back from the region, where most have struggled to make money. "Clearly, we have to manage the next few quarters of volatility in China, but the [growth] trend remains intact and that's the reason why we will put more resources into China," Ermotti said after the bank's fourth-quarter results.
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