RBC Capital, the investment banking arm of Royal Bank of Canada, is planning to launch a hiring spree amid tight competition for talent in the market, reported Bloomberg.

The unit, which added 25 managing directors worldwide last year, is planning to hire a similar number of employees this year too.

The bank plans to hire more resources in the US, where the bank brought onboard 22 managing directors, according to RBC Capital Markets CEO Derek Neldner.

It hired leaders for businesses such as technology and health care in recent years and will now focus on expanding those teams.

Neldner told the news agency in an interview: “We believe that investing in talent is core to our strategy, and we want to take a very consistent multi-year approach.”

He also noted that RBC’s hiring plans come at a time when ‘competition for talent is as fierce as I’ve seen it, possibly ever’.

According to Neldner, RBC hiring advantage lies in ‘its collaborative culture and focus on clients’.

The bank will remain competitive on compensation, he said.

The bank will also offer ‘a rare mix of a strong platform and further opportunities’ for its employees.

Neldner said: “We’re in a sweet spot where talented bankers feel we have a strong and credible platform, with established momentum, but also a significant growth opportunity ahead that allows them to have real impact.”

Last month, a report by SCMP said that the Citi Hong Kong unit is planning to add up to 700 new employees this year.

The bank has been hiring from the pandemic-hit tourism industry in a bid to raise its employee headcount after several of its foreign staff in Hong Kong last year due to the strict quarantine rules, the report said.