Credit Suisse has sent two of its big guns to Hong Kong in a sign that banks are becoming more willing to shift senior staff to Asia. Head of financial institutions Vikram Gandhi is moving from New York, and Ronan Agnew is transferring from London to lead financial-sponsors coverage for Asia-Pacific.

High-level investment banking job opportunities in Hong Kong have increased this year, but restrictions on i-banks’ underwriting businesses limit the attractiveness of China, says Matthew Phillips, head of PricewaterhouseCoopers’ financial services and M&A practice in China. “It’s become clear that Asia is the home of long-term growth for the banks,” he adds.

Banks are beginning to regard senior internal transfers as a retention tool in the current market, says Gary Lai, a manager at recruiters Robert Walters. Rather than ditching top talent as markets crumble in the US and Europe, the likes of Credit Suisse, HSBC, JPMorgan and Lehman Brothers are using Asian relocations to keep hold of people.

Tan Soo Jin, a director at search firm Amrop Hever, applauds the Credit Suisse move and thinks more banks will follow suit. But he warns that firms must not be motivated by a desire to shield staff from short-term financial storms in the West. “We need people who want to live in Asia for the long term. You’re not going to make a difference if you stay two or three years and then go home.”

Local Asian offices may not have too much say in the appointment of high-ranking bankers, says Lai. “While lower down the food chain Hong Kong and Singapore can reject people coming from London and New York, at the top level the move is usually dictated by head office and they don’t have the power to resist it.”