This year has been bookended by some seriously bad news for sales and trading jobs in Hong Kong.
Back in January Standard Chartered shut its equities division, laying off 200 people, including about 100 staff in Hong Kong sales, trading and research.
The axe also swung at other firms in Q1: CLSA cut 25 jobs, mainly in equities; Nomura culled about 12 Asia equities jobs, including in Hong Kong; and local jobs were lost when CIMB trimmed 40 people from its equities team across Asia.
Now comes the final blow – Jefferies plans to cut about 30 to 40 positions across research, sales and trading in China and Hong Kong “as it refocuses on advisory businesses”, according to anonymous sources close to the bank quoted by Bloomberg. It is unclear how many roles will be in equities as opposed to bonds. Jefferies recently reported a 36% fall in fourth-quarter revenue from trading stocks and bonds.
“There’s going to be a lot of competition for sales and treading jobs early next year – more people are out of work than is normal,” says a Hong Kong headhunter who asked not to be named. “But large banks generally have their teams about right – they don’t need to hire.”
Should you be working in Shanghai, not Hong Kong, if you want to be working in Greater China’s financial hub? (South China Morning Post)
Citigroup plans at least 2,000 job cuts next month. (Bloomberg)
The new ways that Goldman Sachs hires millennials. (CNBC)
ANZ names acting CFO. (Bloomberg)
Seven funds where you can sell cross border between Hong Kong and China. (South China Morning Post)
Accenture MD for financial services Asia Pacific says you will only succeed in your career if you have a “higher purpose”. (South China Morning Post)
Warning signs for Singapore in job market data. (Straits Times)
HSBC tries to lure Hong Kong youngsters. (Reuters)
Morgan Stanley plans to trim up to 5% of stock-trading employees early in 2016. (WSJ)
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