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Daily Dispatches: Asia in grip of compliance talent shortage

Earlier this month we reported that a shortage of compliance professionals in Singapore and Hong Kong was driving up salaries and forcing banks to look abroad for talent.

Now a new survey by recruitment firm Robert Half has confirmed that middle-office and support roles are in demand globally, with accounting, compliance and risk staff particularly sought after.

The lack of candidates is worst in Hong Kong, with 95% of finance firms surveyed reporting that hiring is challenging. Singapore came next at 93%, followed by 91% in Germany.

It’s a similar story in China. As we reported in March, compliance executives there can sometimes even double their salaries when they change jobs.

Profit drop (Straits Times)
OCBC Bank reported first quarter profits of S$696 million on Tuesday, a slide of 16% from the S$832 million in the same quarter a year ago.

ANZ up (Sydney Morning Herald)
ANZ Bank’s half-year profits have swelled to A$3.18bn, helped by lower-than-expected charges for bad loans and a strong showing from its international business.

ICBC buys (WSJ)
Industrial & Commercial Bank of China plan to buy a 20% stake in a medium-size Taiwanese bank could spark similar deals, but a flood of similar purchases by Chinese banks isn’t likely.

More expenses (Asian Banking & Finance)
Agricultural Bank of China hit by 15% rise in operating expenses in the first quarter.

Low Lazard (Bloomberg)
Net income at Lazard fell 40% in the first quarter.

New partners (Finance Asia)
Law firm Clifford Chance adds three partners in Asia.

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