HK
Sector: Compliance / Legal
HSBC job cuts: Singapore saved; Hong Kong hit
Yes, we’ve all heard HSBC’s dramatic announcement that it will slash 30,000 jobs globally, mostly in the back office. But some light has now been shed on what this means for Asia Pacific. The Straits Times reports that the firm will not axe staff in Singapore and will instead hire up to 1,000 people in [...]
Welcome to the year of the Chinese compliance professional
China is continuing to create compliance jobs more quickly than it can find candidates. Chinese regulators, such as CBRC, PBOC and SAFE, are enhancing their control measures this year in response to banks expanding into new locations and developing more complex financial products. One of the more high profile recent moves was the PBOC imposing [...]
Here’s a job with surging salaries in Asia…
Crystal ball gazing suggests good times ahead for the wallets of compliance professionals in Asia Pacific next year. As a consequence of an existing talent shortage and rising demands for their skills in a changing regulatory environment, base salaries for compliance professionals are predicted to increase in 2011, especially in investment banking and private banking. [...]
If you thought compliance recruitment was a tight market in HK, read this…
With international banks expanding their business in China and the local regulators placing more emphasis on compliance issues, demand for compliance professionals is on the rise. However, due to a limited pool of experienced talents, the turnover rate for these position is high and banks are having to lure them with financial incentives. Since the [...]
Recruitment rises but skill shortage still plagues middle office
During the darkest days of the financial crisis in late 2008/early 2009, the three bright lights on the employment market were risk, compliance and product control. Over the last three months, middle-office job volumes at banks, particularly those in Singapore, have increased even further as the need to beef up governance is finally matched by [...]
Forensic accountants find their feet
The credit crunch and the threat of international fraud are bringing forensic accountants out of the shadows in Asia. These financial sector detectives are becoming an increasingly popular choice for compliance roles at banks in Hong Kong and Singapore. Hong Kong firms are hiring forensic accountants for jobs in compliance, risk and anti-money laundering, according [...]
Product controllers in short supply in Singapore
Singapore is suffering a skills shortage for product controllers (PCs) and there’s not enough local talent to fill the gaps. But the island state’s position as a global product control hub, as well as its career and lifestyle opportunities, make it attractive to foreign job-seekers, says Adele Png, a resource specialist in Credit Suisse’s lateral [...]
Are Asia’s back-office staff underpaid?
Singapore’s making a name as an operations hub, but back-office staff in the Lion City complain they’re underpaid. Do they have a point? Whereas the average bonus for middle and back-office staff last year was about the equivalent of three months’ salary, this year the envelopes landing on desks are much slimmer, often ranging from [...]
Lehman and Bear to draw blood in Asia?
Will the crisis at Bear Stearns, and Lehman’s plan to axe 5% of its global workforce, mean heads will roll in Asia? Lehman is making no formal comment on the plans but it’s understood that while cuts will be made across all businesses in all regions, the majority of the redundancies will bite in the [...]
Kerviel’s kickback for booming risk recruitment
Risk recruitment’s already hot. Thanks to Jerome Kerviel, it looks set to steam. What with SocGen’s shaming at the hands of Jérôme Kerviel and the warning from Singapore’s central bank that it’s up to banks themselves to avert future frauds, it’s safe to assume risk recruitment is about to heat up. Trouble is, it’s at [...]
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