There’s an IPO freeze in force in China and global investment banks are still struggling to make money on the mainland. If the rainmakers are now less busy then surely banks in Asia can slow down their frenzied hiring of the compliance professionals who check over their deals?
It seems not – compliance recruitment in the second half in Asia is still in boom territory. Varun Mehta, a Hong Kong-based vice president at data investigation company Clutch Group, has told the Financial Times that international banks are looking to “double or treble” the size of their compliance teams in Asia.
She adds – echoing what recruiters in Asia have told us in recent months – that graduates with just one year of experience can “easily get three job offers” in compliance. “The battle for compliance talent is tighter than ever,” Chris Fordham, managing partner for fraud investigation at EY in Asia, told the FT.
These ongoing skill shortages in compliance are helping to push up pay in the sector. High-performing compliance candidates moving between banks in Singapore or Hong Kong can expect a base salary rise of up to 28% – the largest increase of any banking job function, according to a May survey by eFinancialCareers. Banks are paying top dollar for candidates with experience of dealing directly with local regulators and of building strong relationships with other departments internally.
Meanwhile:
Unlocking Asia’s riches is a costly business for global banks. (Bloomberg)
Standard Chartered Bill Winters CEO boosts direct control in overhaul. (Bloomberg)
Deutsche Bank now employs more women than men in China. (Finance Asia)
Why mainland China needs to let brokers play a bigger role in market. (South China Morning Post)
CIMB appoints new directors. (Reuters)
US authorities investigating Singapore asset manager in offshore tax evasion crackdown. (Straits Times)
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