Bankers in Singapore and Hong Kong should not be too excited about hiring in the first quarter

Front office financial professionals in Singapore and Hong Kong need to ease expectations for a significant recovery in the job market in the first quarter.

“”With Covid vaccination being rolled out, candidates certainly have more hope a year ahead. But it’s too early to be optimistic about the sharp recovery in employment in the first quarter, “said Pan Zaixian, founder of Singapore headhunter Pan & Co. “I look forward to seeing more job rationalization in the still mature banking sector. Banks here downplay reports of such unemployment and instead emphasize employment in tech-related areas. Probably, “he adds.

First-quarter hiring in Hong Kong and Singapore could be more active than in 2020, but banks are planning to hire as aggressively as usual since the Lunar New Year when people pocketed bonuses. There are no signs yet. Asia-focused banks such as DBS, HSBC and Standard Chartered experienced double-digit profit declines in the third quarter as they secured funding for credit impairment.

“Given that most banks are feeling top-line pressure for most of 2020, they’re probably holding back on employment budgets. Banks are cautious in this turbulent era. “We look forward to it,” said Marie Tay, managing director of search firm The Resolute Hunter.

Several banks including Credit Suisse Investor Day Presentation Expect the Asian economy to recover from the pandemic earlier this week than in other regions.But the hiring manager says Substantial recovery in the banking job market could occur after the first quarter. “There is a wait-and-see approach that involves banks closely monitoring the first quarter before deciding whether to participate in large-scale recruitment activities,” says Tay.

If you still want to change jobs in the banking sector in early 2021, be prepared to prioritize long-term career development over short-term salary increases, Pan said. Candidates wanting to work outside of technology at one of Singapore’s four new digital banks accept pay cuts to gain a “starter” advantage over virtual banks, which are expected to be a growing sector of financial services You may need to. ..

Angela Kuek, director of Singapore search firm Meyer Consulting Group, said front office banking candidates typically seek to raise salaries in the range of 15% to 20% in the first quarter. But she adds that 10% is more realistic.

In contrast, banking tech professionals may experience a much healthier job market in the first quarter. Vince Natrai, Managing Director of Hong Kong IT search firm Pinpoint Asia, said: “But when candidates realize the fact that their skill sets are in great demand, their wage expectations grow,” he adds.

Photo courtesy Alex wong on Release the splash

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Bankers in Singapore and Hong Kong should not be too excited about hiring in the first quarter

Source link Bankers in Singapore and Hong Kong should not be too excited about hiring in the first quarter

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