Recent market volatility has not been all bad news for Asian banking jobs. It has, for example, led to more work for Hong Kong wealth managers as rich mainlanders seek a safe investment haven in the city.
There’s another job which is now on the up thanks to recent market jitters, but it’s decidedly less glamorous: cash management. “It’s probably one of the more vanilla, dull jobs in banking, but it’s a part of transaction banking which firms are hiring for as corporate clients seek more stable solutions,” a recruiter in Singapore told us.
Along with global firms like HSBC and Citi, local Singaporean banks are beefing up their teams. UOB has expanded its team of cash management specialists across Asia by more than 10% this year and now employs 300 bankers specialising in cash management and trade finance, according to the Straits Times.
These bankers are paying for their keep. So Lay Hua, UOB’s head of transaction banking, told the newspaper in the first six months of the year, the firm’s cash management revenue increased by 42% over the same period in 2014, to reach a record high. UOB expects more rapid growth as companies seek financial solutions amid volatile economic conditions, she added. ‘Dull’ may be the way of the future.
What veteran Chinese banker Harry Cai is doing now. (eFinancialNews)
Macquarie to buy ANZ’s dealer finance unit. (Bloomberg)
ICBC Singapore clears Asia’s first RMB transaction on new global payments system. (Business Times)
J.P. Morgan in talks to buy huge trading portfolio from Deutsche Bank (Business Insider)
Harvard, Goldman Sachs, venture capital…fugitive. (Wall Street Journal)
Goldman, Morgan Stanley win back hedge fund trading business. (Reuters)