Foreign finance firms in China have traditionally faced a tricky job market. A crippling talent shortage means employees can jump ship to competitors more easily than in developed markets. Now there are signs that firing people may not be so easy either as finance professionals start to stage the type of demonstrations once mainly confined to blue-collar workers in the manufacturing sector.
More that 100 former employees of HSBC Life Insurance rallied outside HSBC’s China’s headquarters in Shanghai yesterday demanding a meeting with top executives after being sacked.
It was hardly Occupy Wall Street, but the demonstration did involve scuffles between security guards and protesters, some of whom carried signs saying “fraud” in Chinese, alleging that they had not been informed about compensation or redeployment plans. With China generally more tolerant of protests against foreign rather than local companies, international finance firms may want to beef up their security before they make layoffs.
Bright BRIC (Spiegel online)
Jim O’Neill, who coined the acronym BRIC for emerging nations and plans to leave his post at Goldman Sachs this year, still sees a bright future for China.
China changes (Finance Asia)
New priorities and lessons learnt will shape China’s approach to overseas investment in natural resources, although size will continue to matter.
Happy hedgies (FT)
This year has seen some of the strongest returns from hedge fund managers in years.
Banks attacked (Asian Banking & Finance)
China identified as most likely source of massive cyber assault on Korean banks.
Trader toliets (NY Post)
Owners of Nomura’s US building say only 25 percent of toilets near the trading floor need to be for women.
Macquarie grows (Financial News)
Macquarie’s US private equity investments have grown threefold and it’s been hiring for its US financial sponsors team.
Student debt (Poets and Quants)
Do an MBA, end up $117k in debt.