eFinancialCareers

Massive hiring sprees, skyrocketing salaries and crippling talent shortages – just another year in the life of the foreign banks in China. A new report from PricewaterhouseCoopers, based on interviews with 42 overseas banks, shows just how colossal recruitment in China has been over the last 12 months. The report highlights a 10,000-strong surge in staff numbers, a figure dominated by Asia-orientated heavy-hitters such as Standard Chartered and HSBC. “The... Read more

Banking jobs down under are looking increasingly attractive to both Americans and expat Aussies. But taking overseas experience to Australia doesn’t mean you can shift to a sexier job function. Grant Lovett, head of fixed income at UBS and a recent returnee himself, explains: “You can’t come back and say ‘I was a good credit trader overseas and now I want to try something completely different.’ The quality of people... Read more

Aussie banks are growing in India but they’re not taking too much talent from Down Under with them. Macquarie Bank is expanding its retail and structured products divisions, a sign of where it sees potential for growth. The four majors are divided between disinterest (Commonwealth and NAB) and active plans (Westpac and ANZ). “From a property and infrastructure perspective, India is massive and its retail potential is simply incredible,” says... Read more

Morgan Stanley bankers who were hoping John Mack would take pity on them again this year are due to be disappointed. And Asia is no safe haven from the global carnage. Last December Mack raided the coffers to stump up a 5% increase in average compensation for 2007 over 2006, but he now appears to have decided his people can do without. Whereas the average Morgan Stanley banker had accrued... Read more

Times are getting tougher for bankers, with jobs growth in the finance sector slumping 3.1% since May 2007, according to latest instalment of the monthly Olivier Job Index. Report author Bob Olivier says it’s even worse in i-banking, where job ads are down 9.7% on an annualised basis. “The transactions aren’t happening like last year,” explains Olivier. “IPO activity is also down." Despite the dim jobs outlook for bankers,... Read more

Smaller might be better when it comes to finding a fulfilling private banking role. More flexibility, less sales pressure and fewer country constraints are key draw cards of working for a niche player in Asia. Reto Isenring, Singapore managing director at VP Bank, which also has offices in Hong Kong, says relationship managers (RMs) at big banks often become “product sales machines”. He tells us: “Many of them get... Read more

Searching for your M&A dream job on the back of the Aussie mergers boom? You could be in for a long wait. Bucking an international slump, US$59.6bn of M&A deals targeting Australian companies were announced for the first five months of 2008 – up 38% on the same period last year, according to Thomson Reuters. But this hasn’t created a jobs bonanza for M&A bankers. The employment market is... Read more

Australian private banking recruitment looks set to keep rising on the back of a growing and largely untapped potential client base. And the senior openings aren’t only for those already working at a private bank. David Hewett, general manager of St George’s private bank, tells us that many of the 160,000 Australians with more than AU$1m in assets-to-invest don’t realise they qualify for the private treatment. “Private banking is certainly... Read more

Cantor Fitzgerald has plans to further expand its headcount in Hong Kong and Singapore, following the opening of a new office in the Lion City. And it’s looking at the i-banks as a source of fresh talent. The US brokerage, which also employs about 50 people in Hong Kong, has taken on five Singaporean sales traders to service the hedge fund and asset management sectors. William Selig, Cantor’s Singapore managing... Read more

At a time when financial jobs are being axed around the world, Dubai is still proving to be a recruitment oasis for those willing to work in the Middle East. The lure of high-paid, tax-free work is proving attractive for many Australian bankers, who are moving into an array of senior roles in investment banking. Advertised jobs are offering packages upwards of US$100k tax-free, including roles for researchers, finance directors,... Read more

Macquarie is breathing some life into a generally dormant Japanese financial recruitment market. The Aussie bank, which took on 100 new hires in the second half of last year, is continuing its recruitment drive. Andrew Low, Asia head of Macquarie Capital Advisers, comments: “Japan is becoming an increasing focus and we are pleased to be able to attract senior people to match the quality of the opportunities we are... Read more

Banks including JPMorgan continue to recruit in equity derivatives as the sector looks set to survive the credit crunch comparatively unscathed. JPMorgan’s Asian team has grown from five to 45 since 2003 and headcount will continue to rise to meet Indian and Chinese demand, according Ong Tsui Keng, the bank’s executive director for equity derivatives. Ong tells us: “The expansion came as a result of the need to cover... Read more

Forget London – Australians are going to Asia to snap up middle and back-office jobs. There are plenty of opportunities across a wide range of functions, says Louise Langridge, of recruiter Morgan McKinley. Risk roles are flavour of the month and demand is strong in operations (with good product knowledge) and compliance, especially at mid to senior management level, she adds. IT gurus should board a plane to... Read more

If you want a risk job at an Aussie bank, the advice is to get specialist. Generalists are no longer in vogue because Basel II implementation has largely run its course, says Mike Ritchie, a risk advisory services partner at KPMG. He tells us: “The credit crunch has meant that banks have not reduced their teams as they expected to after Basel. There is still a shortage of highly skilled... Read more

The overall Asian M&A jobs market has cooled down, but financial sector mergers are generating work for financial institutions group (FIG) bankers with expertise in the sector. While fewer corporate IPOs are taking place, Asian insurance companies and commercial banks are still looking for new acquisitions, says Matthew Phillips, head of PricewaterhouseCoopers’ financial services and M&A practice in China. This is generating M&A work for the investment banks and professional... Read more

There are mega deals in prospect such as BHP Billiton’s bid for Rio Tinto, the Westpac and St George merger plus Xstrata’s play for Indophil, yet it looks like slim pickings for M&A bankers in 2008. Analyst Colin Whitehead from equities research firm Fat Prophets says the liquidity crisis and the higher cost of funds could restrict M&A activity. “But there’s still life out there and within resources there are... Read more

The AU$18.6bn merger plan announced this month between Westpac and St George looks destined to lead to big job cuts. Experts expect thousands of jobs to be axed as the banks integrate their operations and reduce overlaps across different divisions, as well as at the branch level. Toon Van Beeck, senior analyst with industry research group IBISWorld, estimates mergers and takeovers in the banking sector will result in the loss of... Read more

Chinese private equity is surging ahead – but don’t just expect a job on the back of the boom. Total funds invested in China grew to US$20bn in Q1 2008, up by almost 60% from the previous quarter, according to new figures from research company Zero2IPO. But while established Hong Kong-based professionals are spearheading the charge into China, bankers who’ve been laid off in London and on Wall Street... Read more

What is it about ABN AMRO employees that’s so irresistible to Babcock & Brown (B&B)? The ASX-listed investment bank has poached ABN’s entire Indian M&A group, having nicked its infrastructure team 18 months ago. ABN staff might well be desirable, but this latest raid was motivated more by location: India. While outsourcing retail support roles to the sub-continent is common, we are now starting to see banks, including B&B... Read more

Aussie banks are on the prowl overseas, picking up choice hires because the Australian market is robust and financial services is short of candidates. Grant Chamberlain, Deutsche Bank’s deputy head of M&A in Australia, says the firm is finding it difficult to source candidates who live locally. Most of its interviewees are Australians living abroad. “We haven't had to spend a lot of time trying to convince foreign nationals to come out... Read more