Finding new ways to stay afloat
High-flying executives are increasingly leaving finance and moving to more stable industries
Some of the top investment bankers in Hong Kong have chosen to leave a high-flying career in the financial industry and return to more traditional businesses, such as real estate and trade, fuelling doubts about the attractiveness of investment banking jobs in the future.
Human resources consultants say many investment bankers are increasingly concerned about their job security, regulatory uncertainties in the financial industry worldwide, and fiercer competition for deals, which often results in lower fees. They also have concerns about worsening office politics and confusing internal restructuring, often following a change in leadership.
Such concerns have encouraged some investment bankers to consider job opportunities in sectors more stable than their relatively young current business, the consultants say.
Yip Chai Tuck, 39, a former managing director at Goldman Sachs in charge of mergers and acquisitions in China, became chief executive of Hong Kong-listed Lai Sun Garment, the flagship of Lai Sun Group, last Monday.
Lai Sun used to engage in garment manufacturing and distribution. It later diversified into property development and investment in Hong Kong and on the mainland.
During Yip's eight years at Goldman, he led several important deals, such as the privatisation of well-known mainland hotpot restaurant chain Little Sheep, now a unit of US fast-food giant Yum Brands. Prior to Goldman, Yip worked for PCCW, Hong Kong's leading telecommunications service provider, as a vice-president.