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Morning Coffee: 32 more Hong Kong bankers lose their jobs; more cuts to come

more Hong Kong bankers lose their jobs; more cuts to come

Cut after cut after cut

On Wednesday it was BNP Paribas, the week before it was Barclays – now Malaysia’s CIMB has joined the chorus of banks announcing equities jobs cuts in Asia.

CIMB is cutting 32 people in both equities and investment banking in Hong Kong, about 20% of its approximately 150 local staff in those functions, reports Bloomberg. The firm “is not spared from the harsh realities of the deteriorating capital markets faced by players with investment banking and equities businesses in Asia,” CIMB Chief Executive Officer Tengku Zafrul Abdul Aziz told the newswire.

Will these “realities” lead to further announcements of job cuts in Hong Kong? One Hong Kong headhunter we spoke with on Friday said more bankers and traders would be axed before Chinese New Year and before bonuses are paid out. Kevin Kwek, an analyst at Sanford C. Bernstein & Co, told Bloomberg that he also expects further job reductions.

If you’re among those being laid off, all is not lost – we have compiled a list of 12 alternative career options for former traders in Hong Kong.

Meanwhile

Goldman Sachs paid staff about US$350k on average last year. (This is Money)

Why UBS and Credit Suisse are hiring in China. (Finance Magnates)

The top people moves in Asian asset management last week. (Asian Investor)

ANZ chief executive Shayne Elliott calls staff strip club visits ‘unacceptable’. (Sydney Morning Herald)

New CEO for HSBC Asset Management in India. (Hindustan Times)

What market turmoil? Office rentals boomed in Shanghai’s finance district last year. (South China Morning Post)

The Singaporean 25-year-old targeting financial independence by 40. (Straits Times)



Image Credit: Medioimages, Photodisc, ThinkStock

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