Goldman Sachs has begun its much-anticipated first-quarter hiring spree in Hong Kong as it rebuilds its mid to senior-level ranks following previous cutbacks. One of the first new recruits for 2018 is Jamie Jieun Park, an equity derivatives sales specialist, who joined the US bank’s Hong Kong office earlier this month as an executive director.
Park left her previous job at Natixis in Hong Kong in December, having worked for two years and 10 months as a Hong Kong-based VP in equity derivatives sales, according to her profile. Natixis, which is currently expanding in Asia, typically pays bonuses in February, suggesting that Goldman may have had to buy out some of her payment for 2017 in order to get her on board.
Although Goldman’s Q4 Asian revenues fell 4% year on year, its IBD co-head, Gregg Lemkau, said late last year that he wanted to add more senior people in Asia. Goldman is thought to be understaffed at that level after making scores of redundancies in 2016.
“Goldman is in hiring mode now and it will recruit more people in HK this bonus season than it does in a typical Q1,” says a Hong Kong banking headhunter. And unlike in 2016 and 2017, it won’t focus almost exclusively on associates and VPs.
Park takes up her ED position at Goldman just six years into her banking career. This is fast progress, although Goldman has traditionally had no qualms about promoting and hiring comparatively young people into ED and director-level jobs.
Her rapid rise up the ranks is perhaps unsurprising. While hundreds of cash equities jobs have been culled in Hong Kong over the past two years, the job market in equity derivatives has remained comparatively buoyant, say headhunters. Earlier this month, banking analysts at J.P. Morgan predicted a pickup in equity derivatives revenues globally as market volatility rises.
Before joining Natixis, Park worked in investor solutions sales at Barclays between 2012 and 2014, based in Hong Kong and Seoul.
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