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Morning Coffee: Should your next banking job be at Alibaba?

Alibaba hiring in China

Alibaba vs the banks

Recruitment at Chinese banks is heating up – both CICC and Huatai Securities are tipped to hire ahead of their forthcoming listings.

But Chinese banks aren’t just competing for talent with each other and with their foreign banking rivals – they’re now also up against internet giants Alibaba and Tencent who are set to make further inroads into the finance sector as Beijing opens up the industry to privately-owned companies.

Internet finance is one of the hiring growth areas in mainland financial services, recruiters in China tell us. Both Alibaba and Tencent already offer consumers deposit-like investment products at attractive interest rates and have recently won licenses to set up their own banks.

Established Chinese banks appear to be rising to the challenge, though. ICBC has now accelerated its own expansion into internet finance by starting an online platform that integrates services from payments to financing and investment, reports Bloomberg. And with Ping An Insurance also expanding in internet finance, the sector is becoming increasingly attractive from a career perspective.

Meanwhile:

Alex Granger, head of Southeast Asia M&A at Bank of America Merrill Lynch has left the bank. (Finance Asia)

Agricultural Bank of China reports 8% rise in profits. (South China Morning Post)

While CITIC’s profits fall 17.8%. (South China Morning Post)

China’s yuan takes a step closer to joining the global currency elite. (Straits Times)

Would Warren Buffett invest in DBS? (Motley Fool)

UOB launches offer to take Far Eastern Bank private. (Business Times)

In Asia, it’s getting more common to have more than one job. (Human Resources)

Maybank named ‘best bank brand in Malaysia’. (The Star)

Yacht-parking shortages and other stresses faced by private-banking clients. (CNN)


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