UBS Group is reportedly considering cutting 90 jobs across its private banking and investment banking divisions in Asia, primarily in China, Hong Kong, Taiwan and Singapore, Bloomberg reports. Bank of America announced in January that it would cut about 20 jobs in Asia, mainly affecting Hong Kong-based bankers and people involved in business with China, according to Reuters.
Hong Kong could surpass Singapore in number of family offices 'within a few years'
Hong Kong could surpass Singapore in number of family offices 'within a few years'
“Many job seekers are concerned about job security due to job cuts and uncertain market conditions,” said Elaine Lam, managing director of Robert Half Hong Kong.
“Companies in Hong Kong are still looking for talent to replace underperforming employees with more experienced employees, and some companies are now seeing an opportunity to attract top talent by offering job security. ing.”
Olga Yun, managing director of Michael Page Hong Kong, said there are currently several excellent candidates in the market who are not working due to the layoffs since last year.
“Candidates are interested in looking to the future.” [for jobs], especially those working at financial institutions that have experienced many layoffs. It is common for candidates to seek a more stable platform in case further layoffs occur,” Jung said.
In the current environment, some areas within the sector may be hotter than others.
Buy-side firms, for example, are looking for financing talent and are building high-quality investment teams as high interest rates keep money flowing back into banks, said Robert Half's Lamb.
Credit Suisse to lay off 80 bankers in Hong Kong office
Credit Suisse to lay off 80 bankers in Hong Kong office
Buy-side client service professionals are also in demand. “Right now, the funding situation is tough,” said Robert Walters' Corcoran. “Buy-side firms not only need the talent to raise capital, but also the talent to retain investors to meet their needs quickly and efficiently.”
Another hot employment area is family office space. The city government offers a variety of incentives to attract wealthy individuals from the Greater Bay Area, Southeast Asia, and the Middle East to set up family offices in the city. The move is expected to bring in capital and create demand for RMB products.
“Thanks to a huge push from the Hong Kong government, we are seeing an increase in hiring activity in family offices,” Robert Half's Lam said. “Some people believe that family offices offer more job security because they manage their own funds and are less exposed to external factors when it comes to investment decisions.”
It remains to be seen how the job market will fare after the Lunar New Year holiday. However, some hiring managers are cautiously optimistic.
“For the past 18 months, we've been in a down cycle,” said Robert Walters' Corcoran. “We are hopeful that things will improve in the second half of this year, but we have to be realistic about the situation we find ourselves in.”
