The investment banking jobs market in Hong Kong is dire. But there are no signs of a summer exodus of expat bankers to ease pressure on that most scarce of resources – school places.
Investment banks across Asia have shrunk staff through occasional cuts and broad attrition as market activity has stumbled, leaving plenty of former bankers kicking their heels, according to recruiters and industry executives.
Many expats could struggle to find new jobs in Hong Kong banking. Firstly, global banks have become more realistic on the profits to be made in Asia, especially since most of the really big state-backed Chinese listings have been done. This entails a fresh look at the resources they really need when their US and European businesses are making less money and the banks are less prepared to subsidise Asian arms.