Q3 2019 Financial Services Front Office Recruitment Trends
Your quarterly update on the Financial Services Front Office market, where we provide you with insights from both the previous and upcoming quarters.
What were the market trends for last quarter?
Equities are still on a downfall with Deutsche Bank shutting down their global Equities team and hence the whole Equity Research, Sales and trading team has been shut which left 100's of candidates in the market in Hong Kong.
Asset Management has been pretty quite in Hong Kong with many moving their hiring needs to China or Singapore.
Corporate & retail banking are still in hiring mode with both International & Chinese banks looking for Assistant Relationship Managers and Relationship Managers. Japanese banks have also increased their hiring within Corporate banking this year.
What are the major skills in demand?
There is still a demand for Relationship Managers and Assistant Relationship Managers within Corporate Banking. Banks are looking to expand their portfolio's with International Banks, Chinese & other regional banks looking to increase their talent pool.
There is a growing needs for type 1, 4, 6, or 9 Responsible officers as new start-up investment houses from China are coming to Hong Kong and looking at these talents to provide them the licenses.
In terms of Language skill - client's are more particular about candidates ability to speak Mandarin and its getting way more essential for Front office roles.
What are the skill gap shortages?
There is a shortage of experienced Assistant Relationship Managers in the markets as many firms are looking to hire these individuals. Banks have started looking for candidates from big-fours, large accounting firms etc.
There is a big shortage of type 6 Responsible officers in the market and many firms are looking at even part-time candidates who can offer their license to them. With many more Chinese Investment firms moving from China, there is an increase demand of these candidates.
Private Banks are always looking for good Relationship Managers that has good AUM/Track record and are usually open to seeing good talents in the market.
What is the outlook for the next quarter?
Quarter four is usually the more quite quarter as banks and candidates would be awaiting for their bonus season but on the other hand there would be many last minuet hiring needs for this year.
The continue protest in Hong Kong is casting a more gloomy environment in hiring as its also limiting of candidates from oversea's markets as they would want to wait and see how this turn out before consider moving to Hong Kong. We are seeing many Relationship Managers in Private Banking, Senior Bankers etc all looking to exit Hong Kong and is looking at Singapore as an option lately.