Amid the thousands of upcoming redundancies at Barclays comes news that the firm is still committed to hiring in some Asian markets. Andrew Jones, Asia Pacific co-CEO for the British bank, has told Bloomberg that Barclays is expanding in capital markets in China, continues to invest in India and has a “particular focus” for recruitment in Indonesia.
Hiring in capital markets in China will not be straight forward, however, as other Western banks can testify to. Announcing the appointment of a new China head for ANZ last week, Andrew Geczy, the Australian firm’s CEO for international and institutional banking, said: “The competition is very strong for experienced talent. There is still a growing demand for high-quality bankers in China.”
Headhunters in China say the pool of capital markets bankers with the required Chinese and global experience is limited. And competition for talent is strong as several banks seek staff who can help Chinese companies expand internationally. This summer witnessed a flurry of senior IBD appointments in China from the likes of Bank of America Merrill Lynch, JPMorgan and Credit Suisse.
While Jones didn’t provide numbers, any Barclays hiring in China or elsewhere in Asia will pale in comparison to the 7,000 investment-banking jobs that the bank plans to cut globally in response to falling IBD revenues. Jones also confirmed that Asia will take its share of these layoffs.
Still, as we reported last week, Barclays is not cutting back its graduate recruitment in Asia. It plans to hire more than 100 full-time analysts in the region in 2015 (primarily in Singapore, Hong Kong, Tokyo and India) – about the same number as this year. Nor has news of the global redundancies diminished graduates’ enthusiasm for the bank – Barclays can afford to filter out about 95% of applications to its analyst jobs in Asia, Yukiko Hiizumi, Asia Pacific lead of campus recruitment, told us.
Time to quit private banking for a job in a family office? (Straits Times)
ANZ’s Asian operating income has doubled since 2009. (Business Times)
HSBC tops the list of the “most authentic brands in Hong Kong”, says new report. (Marketing Interactive)
MAS returns “temporary fines” it had levied on 19 banks. (Today)
Profit drop for Hong Leong Finance. (Straits Times)
Growth in Chinese trust sector slows down. (WSJ)
Citi gears up to receive bids for its Japanese retail bank. (Bloomberg)