The aggressive expansion of a number of foreign banks in China is continuing to fuel an active recruitment market, says recruiting experts Hays in China.
As the investment banking industry recovers from the previous recession, local regulators in China are adding to the momentum by issuing more investment banking licenses to foreign banks.
According to the recruiter’s latest Hays Quarterly Hotspots list of skills in demand, an increasing number of permanent vacancies are being created in corporate banking services.
“As foreign banks expand their operation hubs in China they are looking to cater to their customers’ needs and there is demand for professionals who are able to provide services for online transactions or create more user-friendly online platforms,” says Simon Lance, Regional Director of Hays in China.
“In addition, there are more candidates being hired at a junior analyst level than in previous periods. For junior level Analysts/Associates, investment banking remains an attractive option to start a career.”
However, there are some restrictions to the growth in Investment Banking in China. “Foreign banks still need to go through a long approval process before they hire someone. Some regional banks are undergoing localisation,” he says.
According to Hays, employers continue to value candidates with overseas work experience combined with Chinese work experience. “Chinese and English language capabilities are important for all levels,” says Simon.
“Employers are competing fiercely for the top talent as more of their competitors establish themselves in China.”
A selection of banking skills in demand in China from the Hays Quarterly Hotspots follows:
- Third-Year Analysts/Associates: Given the previous recession in investment banking, third year Analysts/Associates are moving towards private equity firms, or exiting the industry entirely. For junior level Analysts/Associates, investment banking remains an attractive option to start a career.
- Equity Analysts – The investment banking industry is recovering and needs more Equity Analysts as more M&A deals are done.
- Implementation Managers – Foreign banks are expanding in China and need to cater to their customers’ needs, such as for online transactions or a more user-friendly online platform. They are therefore recruiting Implementation Managers to improve their systems or infrastructure.
- Corporate Banking Relationship Managers – Most foreign banks derive their revenue from providing corporate banking services. The Relationship Manager is at the forefront of client attraction and retention. As this continues to be the main focus area for most foreign banks, skilled professionals are in high demand.
- Transaction Banking Sales – One of the foreign banks’ competitive advantages over local banks is their transaction banking services in trade financing, which is the second most important function for foreign banks. Consequently Transaction Banking Sales professionals are sought.
- Branch Managers – We continue to see growing demand in this field as branches open in second and third tier cities.
- Debt Capital Market professionals – As local regulators issue more investment banking licenses to foreign banks in China, we are seeing strong development in this space.
- Back Office Operations – Outsourcing to China from other Asia Pacific countries has created a strong demand for back office operations professionals.
- Credit Risk – Banks are lending more, which is creating a need for Credit Risk professionals.
- TMT Advisory – There has been an Increase M&A deals in the TMT industry worldwide, which has fuelled this staffing demand.
- Hays, the world’s leading recruiting experts in qualified, professional and skilled people.
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Hays is the leading global specialist recruiting group. It is the expert at recruiting qualified, professional and skilled people worldwide.
Hays Specialist Recruitment (Shanghai) Co., Limited ("Hays China") operates across the public and private sector, dealing in permanent positions. Hays China’s eighteen specialisms span Accountancy & Finance, Banking, Architecture, Construction, Education, Engineering, Executive, Finance Technology, Human Resources, Hays Resource Management, Information Technology, Insurance, Life Sciences, Manufacturing & Operations, Oil & Gas, Property and Sales & Marketing.
Hays China operates four local offices in Shanghai, Beijing, Suzhou and Guangzhou. It is the local representative office for Hays plc, which is a global company with more than 7,840 staff operating from 239 offices in 33 countries across 20 specialisms.
Hays operates in the following countries: Australia, Austria, Belgium, Brazil, Canada, Colombia, Chile, China, the Czech Republic, Denmark, France, Germany, Hong Kong, Hungary, India, Ireland, Italy, Japan, Luxembourg, Malaysia, Mexico, the Netherlands, New Zealand, Poland, Portugal, Russia, Singapore, Spain, Sweden, Switzerland, UAE, the UK and the USA.