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Morning Coffee: We don’t want to work in internet finance, say young Chinese bankers

We don’t want to work in internet finance, say young Chinese bankers

Internet finance: not so interesting

Young bankers in China may be flocking to in-house M&A jobs in the corporate sector, but when it comes to joining internet finance companies they are lukewarm, according to the South China Morning Post.

While there has been a surge in senior bankers taking jobs with internet finance companies and peer-to-peer (P2P) lenders (former Bank of China vice president Wang Yongli joined LeTV’s financing arm last week), more junior jobs aren’t typically being filled by bankers.

Qiu Jianfeng, chairman of Hangzhou-based P2P platform jyc99, suggests that staff from Chinese banks wouldn’t be able to handle the pressure of working for a start-up. “In China, the jobs in banks are still very stable. They are not that busy,” he told the SCMP. “P2P income is based on the future of the company. It’s a very busy job and not very stable.”

There’s another reason why bankers don’t want to join the new online finance companies that are springing up in China – the jobs may be busy, but they are also unappealing. “These are mainly retail platforms and you need to be a senior leader to make the move worthwhile,” says a recruiter in China we spoke with. “If you’re a young investment banker or corporate banker, taking a punt on joining a retail platform is probably taking a step down the career ladder and salary scale.”

A junior banker also told the SCMP that internet finance firms don’t add enough brand value to his CV.

Meanwhile:

Yesterday’s stock rout, in pictures. (South China Morning Post)

Barclays appoints Alex Aram as head of credit trading for Asia Pacific. (Finance Magnates)

Deutsche Bank’s co-head of Asia Pacific corporate banking and securities is set to depart. (Bloomberg)

Is another Asian financial crisis on the cards? Morgan Stanley says no. (Business Insider)

UBS launches start-up competition. (Deal Street Asia)

Australian fund managers forgo pay for charities. (Wall Street Journal)

Hong Kong can’t escape the turmoil next door. (Bloomberg)

Singapore’s education system does not promote elitism, says Minister. (Channel News Asia)

DBS to soft launch mobile banking in India. (Economic Times)



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