Advertisement
Banking & finance
BusinessBanking & Finance

Jobseekers, employers in Hong Kong’s financial services sector have kicked off 2024 on cautious note: recruiters

  • ‘Caution is the main buzzword we hear from employers and candidates this year,’ Robert Walters Hong Kong executive says
  • Some areas in the sector such as jobs in family offices will be hotter than others in the current environment

Reading Time:3 minutes
Why you can trust SCMP
0
The city’s financial services industry employed 269,700 people in 2022, dropping about 3 per cent from the previous year, according to the Census and Statistics Department. Photo: Eugene Lee
Aileen Chuang
People looking for jobs in Hong Kong’s financial services sector are starting 2024 on a cautious note because of several rounds of lay-offs in the industry, stalled deal making and the stock market hitting record lows, recruitment firms said.

Jobseekers as well as employers are anxiously waiting for the market to stabilise after a challenging year as the city enters its busiest hiring season following the Lunar New Year holiday and bonus payouts.

“Caution is the main buzzword we hear from employers and candidates this year,” said Chris Corcoran, associate director of financial services at Robert Walters Hong Kong. “Poor performance across our local markets is causing uncertainty and concern about leaving a stable job.”

Hong Kong’s financial services industry employed 269,700 people in 2022, dropping about 3 per cent from the previous year, according to the Census and Statistics Department. Moreover, equity markets in Hong Kong and mainland China are among the worst performers globally this year amid concerns about China’s economy. Stock gauges in the city and the mainland have fallen by more than 7 per cent.

UBS Group is reportedly looking to cut 90 jobs across its private and investment banking units in Asia, mainly in China, Hong Kong, Taiwan and Singapore, according to a Bloomberg report. Reuters reported that Bank of America in January announced around 20 job cuts in Asia, mainly affecting Hong Kong-based bankers and those who work on China deals.

On the deal front, Hong Kong – the world’s top initial public offering destination in seven out of the past 15 years – fell to eighth place last year, a two-decade low, as 68 companies raised US$5.9 billion, according to Refinitiv data. China recorded 5,156 deals in 2023, with a combined value of US$301 billion, a nine-year low in terms of deal volume, and a third straight year of declines in volume.
Advertisement