Compliance is (obviously) one of the most sought after jobs in Asian banking. Regional stalwarts HSBC and Standard Chartered have been expanding their compliance teams in Hong Kong and Singapore even as they cut jobs in other departments. Compliance professionals with knowledge of both local and global regulations can command the type of salary increases that were once unknown in the middle office.
But these burgeoning regulations aren’t just generating compliance jobs – they are also expanding the ranks of Hong Kong’s corporate lawyers, reports the South China Morning Post. Andrew Dale, a partner at international law firm Orrick, told the newspaper that the number of lawyers drawn to investigations and compliance work had increased in the past couple of years. Recruiters quoted in the SCMP also said that lawyers’ pay had risen as a result of increased demand for regulatory advice.
Banks in Hong Kong are also hiring more in-house lawyers, according to a headhunter in the city who asked not to be named. “Our legal recruitment division is very busy and that’s partly because of the banks.”
Meanwhile:
Deutsche moves wealth management HQ to Hong Kong from Singapore. (South China Morning Post)
Surge in demand for offshore yuan as Stock Connect opens. (WSJ)
OCBC Bank appoints banking veteran Daniel Tan Piak Chiau as the general manager designate of new Myanmar branch. (Business Times)
Head of Asia client services for asset manager Neuberger Berman also runs a Hong Kong bagel delivery business. (CNN)
Arvind Vashistha to head equity capital markets at Citi in India. (Business Standard)
China to allow Australia to clear yuan trades. (Reuters)
Hong Kong faces potential shortage of women. (Quartz)