UBS to hire hundreds of financial workers in China

UBS, the largest bank in Switzerland, is planning to hire at least 1,000 more workers in China over the course of the next five years.

Alex Wilmot-Sitwell, the bank's co-head of operations in the Asia-Pacific region, told Bloomberg that the company is also hoping to double its revenue from China over the next few years.

Wilmot-Sitwell told the news source that the company's hiring plans, which include increasing its research staff in China by three fold, are already underway.

"We have a fairly aggressive hiring plan for 2011 and we're already 60 percent completed on that," he told the news source. "We have built our business in real scale already, which gives us tremendous confidence as we look to make our investment decisions going forward."

The news source reports that in 2010, UBS ranked fourth when it came to advising firms on mergers and acquisitions in China. In 2009, the company was reportedly 11th in this category.

UBS draws on a heritage of more than 150 years, according to the company's website.