While many banks may have plans to axe staff, the outlook is not gloomy for all parts of the financial industry.
The investment fund sector is still in expansion mode as new fund houses and products emerge.
The number of authorised collective investment schemes - mutual funds, real estate investment trusts, investment-linked products and funds under the Mandatory Provident Fund - reached 2,513 at the end of March, Securities and Futures Commission figures show.
That was marginally higher than the 2,501 at the end of last year, though it is lower than the 2,594 in March last year.
The investment unit of HSBC and the Bank of East Asia each introduced new funds last week.
An increase in the number of people licensed by the SFC, including brokers, fund managers and financial advisers, also shows some investment firms are hiring. They totalled 39,706 at the end of March, up 2.63 per cent from 38,688 in March last year.
The number of licences has nearly doubled in a decade. At the end of 2003, there were only 20,201 people licensed by the SFC.