‘Local’ banks have been stepping up their hiring in Hong Kong this year. But in which jobs?
To find out, we examined the careers websites of seven of the most prolific recruiters among banks (or subsidiaries) headquartered in Hong Kong or China: Bank of East Asia, Bank of China, Bank of Communications, China Construction Bank, Hang Seng Bank, ICBC (Asia), and OCBC Wing Hang.
We then categorised their vacancies into 15 broad functions. These job sectors are shown in the table below as a percentage of total openings at each bank.
We excluded firms with fewer than 40 current Hong Kong-based vacancies (Shanghai Commercial Bank, for example, is currently only advertising 11 positions on its site, while Agricultural Bank of China has three in Hong Kong).
Operations jobs make up the highest percentage (16% on average) of vacancies at local banks in Hong Kong – almost a quarter of BEA advertisements are in this field.
While this is unsurprising, it has led to these firms becoming more popular options for back-office staff who have been made redundant as global banks offshore their operations positions away from Hong Kong.
Banks from Greater China are recruiting steadily in risk (12% of their jobs) and compliance (10%). Filling these middle-office jobs isn’t straightforward because candidates must often be well versed in mainland regulations as well as local and global ones, says a Hong Kong recruiter.
Local banks also have a perpetually healthy appetite for relationship managers, especially those working in corporate banking. This is reflected in the table – 8% is a high percentage for a comparatively well-paid front-office function.
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