CHINA BANKING & FINANCIAL SERVICES MARKET INSIGHTS OF POST-COVID WORLD

With an expectation for heightened geopolitical tensity, it was inevitable that 2020 was to become a year of turbulence for China’s banking & finance sectors. However, as the coronavirus pandemic swept the globe, bringing with it the spectre of economic recession, organisations were compelled to consolidate losses both at home and abroad.

Consequentially, a number of international banking firms in China – particularly from Australia, Europe and the Middle East – were forced to restructure and close branches, resulting in unforeseen redundancies and even greater uncertainty.

Fortunately for candidates in the sector, a number of Asian and European banks, of which many have thus far proven resilient to slowdowns thanks to governmental relief measures, have upgraded Beijing and Shanghai representative offices to branches.

 

This prominent trend, expected to continue well throughout this year, will help to create replacement opportunities in the market as well as encouraging new hiring needs for client coverage bankers focusing on state-owned and privately-owned enterprises (RMs).

 

Concurrently, the areas of risk, compliance, operations and advisory and finance will also see stimulation.

 

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