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Daily Dispatches: Investment banks not hiring in Asia as fees fall

More bad news for anyone expecting a recovery in recruitment in Asian investment banking any time soon. Fees at investment banks were down 6.6% across Asia in the first quarter as initial public offerings dropped to their lowest level since the height of the global financial crisis in 2009, according to Dealogic.

Against a background like that, it’s no wonder that human resources managers at investment banks in Hong Kong told a recent eFinancialCareers roundtable that hiring in the sector would stay depressed for the foreseeable future. Equities recruitment in mainland China is also suffering due to a lack of IPOs.

And as we mentioned last week, equity researchers in Asia remain particularly vulnerable to job cuts. Some good news for UBS bankers in Asia, however: The Swiss bank comfortable leads the Asia revenue league tables with $120 million of fee credit.

Leaving HSBC (Finance Asia)
Jason Kern, the head of HSBC’s Asia-Pacific real estate advisory group, will return to the US to lead buy-side firm LaSalle in the Americas.

KKR hires (WSJ)
KKR has bolstered its Australian ranks by poaching Deutsche Bank managing director Diane Raposio.

Leeson returns (Business Insider)
Former Singapore-based rogue trader Nick Leeson has a new job in finance.

Fake loans (Shanghai Daily)
China’s big banks are “faking” their micro loans, a researcher said, suggesting a government drive to increase micro-lending is struggling.

Asian ambitions (WSJ)
Canadian pension fund looks to Asia.

Melbourne expansion (Sydney Morning Herald)
Bank of Melbourne, owned by Australian bank Westpac, is pushing ahead with its branch expansion strategy, despite admitting consumer sentiment is not where it needs to be.

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