Global banks won’t just be cutting back in Asia this year, despite the recent string of redundancy announcements from the likes of Barclays and Standard Chartered.
In addition to UBS saying on Monday that it wants to double its China headcount, two other bank have now spoken out about their hiring plans in Asia. “We’d like to hire more senior China origination bankers, particularly when a lot of the competition is pulling in their horns a bit,” Michael Borch, chief operating officer for Citi Corporate and Investment Banking in Asia Pacific, told Financial News yesterday.
Borch says that while some banks are trimming their Asian IBD teams, others are still looking for rainmakers who can help them drum up deals in China, the country that accounts for most of the revenue generated by banks operating in Asia. Headhunters say that bankers who have both strong Chinese client connections and cross-border deal experience remain a rare commodity in the region, however.
ING also wants to hire in Asia. Yesterday it named Andy Dyer as regional head of transaction services corporate sales Asia and tasked him with expanding his new team. Dyer is a sector veteran and was previously head of transaction banking Asia Pacific, Europe and Americas at ANZ, according to his LinkedIn profile. But again, transaction banking isn’t the easiest sector to expand in right now – as we noted last week, there’s a lack of junior talent coming up through the ranks.
Meanwhile:
New China retail head at J.P. Morgan Asset Management. (Asian Investor)
CCB internet finance chief moves to Alibaba’s Ant Financial. (Finance Asia)
Why HSBC won’t be moving to Hong Kong. (Standard)
Deutsche Bank wants to crack the top-five in wealth management. (Reuters)
More jobs to come in Chinese aircraft financing? (Business Times)
Singapore sets up new ‘statutory boards’ for skills and employment. (Channel News Asia)
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Olivier Le Moal, iStock, Thinkstock