UBS banks on long-term growth

Swiss finance giant shows confidence in country's economic prospects with plan to double its payroll

Swiss bank UBS Group AG said on Monday that it plans to double its headcount in China, offering a vote of confidence when concerns about slowing economic growth have been unsettling both the domestic and global stock markets.

Sergio Ermotti, chief executive officer of UBS, said that the bank will add about 600 staff in China, a significant proportion of which will be allocated to its wealth management business.