eFinancialCareers

Asian structured credit jobs aren’t proving as immune to the global crisis as hoped.

“There is a demand [for structured credit pros] at a junior level but the market is severely crippled,” says Jeremy Canning, Singapore country head for Morgan McKinley. “There is no end customer client business of note, and resources are not being deployed to the sector.”

Last week, Merrill ousted Ranodeb Roy, its co-head of Asian fixed income. And yields on three-month deposits in China and India plummeted as investors withdrew money from local money market funds and credit derivatives.

“I doubt banks will hire any time soon: they are top heavy,” says John Jessen, founding partner of headhunters Smith & Jessen.

Uncertainty has already taken away the bargaining power structured credit bankers had during salary negotiations. “Salaries are way off the February highs where these chaps could have named their price,” says Canning.

“At bonus time, even good performers will be under-paid due to depleted bonus pool allocations in the context of unprecedented losses,” adds Jessen.

Internal moves still on the cards

Jessen says Asian headcount is still expected to increase 10-15% next year, but that growth is more likely to be attributable to the redeployment of staff internally: “The over-supply of bankers in London may flow eastwards. Some credit people may be converted into other areas, including commodity derivatives, equities, FX and rates, as well as principle finance and public and private financing.”