Banks in Asia are becoming more open to rehiring ex-employees, especially for jobs requiring revenue generators, or people familiar with internal structures and operations.

US media reports claim that Bank of America-Merrill Lynch is mounting a campaign to rehire several senior Merrill investment bankers who quit after the firms merged. A spokesman for the bank in Asia declined to comment on the speculation.

However, according to recruitment consultants in Hong Kong and Singapore, banks that were too trigger happy with their firing last year now need to slowly rebuild their workforce.

And it’s not uncommon for firms to try and lure back bankers who resigned at the peak of the credit crunch, or who were retrenched for reasons other than poor performance. J.P. Morgan is among the institutions in Singapore that have already done this, says one headhunter who asked not to be named.

If the former staffer is highly regarded in the market, employers see it as a morale-boosting "coup" to bring him or her back after a stint at a competitor, according to James Carss, director, banking and financial services, Hudson Hong Kong.

Banks prefer to rehire for roles that rely on unique internal applications because candidates with prior knowledge can hit the ground running.

Annie Yap, founder of search firm AYP Associates, provides the following examples: loans, wealth management, credit cards, risk management, futures, options, derivatives, foreign exchange, treasury systems and trading systems.

But are candidates willing to return? Deborah Sawyer, managing partner at Odgers Berndtson, comments: "There is a Chinese saying: 'Good horse does not go back and eat from old green pasture'. Hence the Chinese feel they will lose face if they go back to an old firm.”

On the other hand, says Sawyer, candidates will generally consider returnee roles provided that the employment package is beneficial.

But those who go back for better jobs may encounter resentment from colleagues who worked with them previously, warns Amrop Hever Group Singapore director Tan Soo Jin.

"The only thing for returnees to watch out for is if they should come back with an attitude of arrogance or keep on referring that something is done better elsewhere. No one likes to be told all the time that something works better elsewhere," says Tan.