Investment banks in Hong Kong are hiring again, but are there enough bankers?
Recruitment companies say banks want to strengthen their technology, media and telecoms teams as they anticipate more tech listings in 2018
In 2015 and 2016 investment banks in Hong Kong were laying off staff, which was a problem for bankers and equally so for companies in the city that live off their largesse.
In 2017, the big investment banks started to think about growing, but the pace of hiring will really pick up this year, say analysts, as the banks hope that strong projections for economic growth in the region, especially in China, and regulatory changes in Hong Kong, will combine to drive increased revenues.
“It is the first time in at least the last four years that we have seen this level of optimism,” said John Mullally, who runs recruitment firm Robert Walters’ financial services practice in Hong Kong and Shenzhen.
“Normally this time of year would be a quiet one when it comes to hiring, but many of the banks are making plans now so that they can hit the ground running early next year.”
Mullally said that areas where he saw particularly strong demand for new hires were in banks’ investment banking divisions, particularly their TMT (technology media and telecoms) teams.
