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Morning Coffee: The Chinese banks you don’t want to work for

Chinese bank

Don't do it

Unless you’re under a corruption investigation, this year has been a good one to been ensconced in a job at a Chinese bank. Led by the likes of Citic Securities, China Securities and Guotai Junan Securities, Chinese firms have been displacing previously dominant global players in onshore deals and rising up the revenue league tables as a result.

Meanwhile, CICC is set to hire more sales, trading, wealth management and investment banking staff following its listing in Hong Kong last month. The post-IPO headcount growth of other Chinese banks – in particular Haitong and Citic, which listed in 2012 and 2011 respectively – suggests that Chinese banks hire more staff after their initial listing.

Not all post-IPO Chinese banks make such attractive employment propositions, however. Bank of Jinzhou, which listed last week and attracted disappointing investor interest, is a “showpiece” of all the ills of so-called “city banks” (banks focused on a particular region, in this case Liaoning) in mainland China, writes Shirley Lam in the South China Morning Post.

Lam points to Jinzhou’s “aggressive” lending to Chinese company Hanergy, which is now under investigation by the Securities and Futures Commission, and the fact that in June it could barely pass the official capital adequacy ratio. “Both the integrity and ownership of the bank has been questioned by Beijing. Yet, it is listing in Hong Kong,” she adds.

Meanwhile:

Citic Securities is unable to contact two senior executives as authorities continue to investigate the firm. (Reuters)

Top Hong Kong financier describes the city’s future role within China’s finance sector. (South China Morning Post)

Asia still a big focus for ANZ, says chairman. (Bloomberg)

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

Anthony Scaramucci: what I learnt from being hired, fired and rehired by Goldman Sachs. (Business Insider)

Outgoing ANZ boss Mike Smith wants to become an Aussie citizen. (The Australian)

Are Singaporeans finally discovering the joys of freelancing? (Straits Times)

Polyglotism is alive and well in Hong Kong. (South China Morning Post)



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