Despite hiring freezes and layoffs over the past 12 months, Hong Kong's banking sector is seeing growth and is offering plenty of opportunities for experienced professionals.
Demand for expertise in structured products and high-risk instruments may be on the wane, but many institutions are seeing renewed client interest in the more standard range of investment products and are boosting their workforces accordingly.
'We are aiming to fill more than 40 openings on the sales front in the next three months,' said Felix Lau Chi-kan, executive vice-president for retail banking with Citic Ka Wah Bank. 'Specifically, we are looking for relationship managers to serve the high-net-worth customer segment and some financial services managers to be responsible for mid-tier clients.'
He said it was a common impression to assume the financial tsunami had caused the public to shy away from investment services. According to Mr Lau, the bank has seen a marked increase in demand for professional wealth management service and is therefore planning to expand aggressively this year and beyond.
'There are huge opportunities for existing staff and new joiners,' Mr Lau said. 'The customers are still there. They are more cautious and more aware of the risks they face, but we are in the part of the economic cycle which provides a platform for the really capable players to grow.'
One fundamental change, he observed, was that clients now understood the importance of building a diversified portfolio. Consequently, they wanted to work with banks capable of providing a full range of products and with staff trained to explain all the intricacies.
