Global banks hiring staff in China
While global giants cut back on staffing around the world, some are moving to take advantage of services aimed at a burgeoning middle class
Banks are shedding staff around the world to cut costs this year with the exception of the mainland, where several European lenders are hiring to support the expansion of their networks.
Three European banks - Britain's HSBC and Standard Chartered, and Germany's Deutsche Bank - are hiring people for various functions on the mainland, according to headhunting sources.
Elsewhere in the sector hundreds of positions have been cut at international banks including Deutsche Bank and Credit Suisse in Hong Kong. Most cuts have come in the investment banking areas rather than the retail and commercial banking sectors, as they seek to generate more cash from traditional services such as lending and deposits.
But on the mainland banks such as HSBC are continuing to build their branch networks and are adding to their headcounts according to a headhunter familiar with HSBC's hiring plan on the mainland.
Robert Grandy, a managing director specialising in the financial services industry at recruitment firm Korn/Ferry, said the expansion was likely to continue in the medium term.
"Most of the firms seem to be committed to the market in China," he said.