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Do careers die in Shanghai?

Forget ‘Shanghai, Dubai, or goodbye’. Is a move to an emerging market really a one-way bet for your career?

Banks are busy transferring as many staff as possible away from the stagnant centres of London and New York and into the high growth markets of the Middle East and Asia.

But with these markets lacking the depth of their Western counterparts and fund managers such as GMO’s Jeremy Grantham arguing that emerging markets are the next big bubble, is now really the time to be going East?

Kaven Leung, chief executive officer for Citi Global Wealth Management Asia Pacific, told the Financial Times this week that smaller banks which have been growing their wealth management platforms in Singapore are in for a struggle: “They will find it much more difficult this year to sustain the kind of business that makes sense, particularly for those who have come late,” she says.

Layoffs may ensue. And if – and when – the bubble does burst, it’s fair to assume that the Western bankers parachuted into the region without local contacts will be the first to go.

Should you resist the pull of the East? Or are Dubai and Shanghai where it’s at? Participate in the global debate below.

Comments (10)

Comments
  1. I am interested in Asia career and willing to move
    with company relocation package.

  2. The truth is that Hong Kong and Singapore aren’t interested in the average unemployed Western banker without local connections. They now have more than enough talent of their own. If you’re going there purely to sit out while markets come back, be prepared to fail.

    Kenneth Williams Reply
     
  3. It’s more that you’re career will die if you don’t go to Shanghai – soon. Western markets are going to be moribund for several years, but almost every bank you care to mention (Merrill, Deutsche, JP Morgan) is relying on Asia to pull it through. If you get in there soon it won’t be too late. If you delay, it will.

  4. What about India, Saudi Arab, Austrilia, Qatar, Barhain .. They are gr8 place to move

    Market Risk GCC Reply
     
  5. Middle East = tax free salary, sun, sea, job security. London and NY= dead markets for the next two years at least.

  6. Big question in Shanghai is what happens to inflation. You’re definitely seeing a bubble in foreign capital inflows. Can it last? Who knows. Who cares.

  7. @ John Lizazo: and…?

  8. 6 comments, 3 with spelling/grammatical errors. I am amazed that some people have jobs in banking at all!

  9. On Bloomberg Middle East Focus last week, there was an article about the rising cost of living in Dubai. Despite earning a tax-free wage, the government have imposed stringent price increases for electricity and gas exclusively for foreigners. There’s even an increase in the amount of enquiries from those wanting to leave. One young lawyer is relocating his family to Tazania!

    Ocean, education isn’t wot is yoosed to be!

  10. Ocean, thought of a native speaker….How many languages do you speak?

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