Archive for banking
July 21, 2008 at 6:12 pm · Filed under banking, jobs, hong kong, recruitment
The job market for professionals in Asia has slowed amid concern about the global economy and hiring can take twice as long as a year ago, recruitment firm Ambition said on Thursday. “There’s a great deal more caution on who employers want to hire and more emphasis on experienced candidates,” , Guy Day regional managing director of Ambition, told a news briefing.
Candidates for even relatively junior positions at multinational companies were sometimes interviewed by very senior management from headquarters before being offered a job, Ambition said.
Hiring generally was taking about eight weeks, compared with 4-6 weeks last year. Read the rest of this entry »
BOOKMARKS:
June 27, 2008 at 10:54 am · Filed under banking, jobs, executives, hong kong, china
Asia’s expanding hedge fund industry will probably create tens of thousands of jobs in the next five years, even as investment bank recruitment dries up after the U.S. subprime mortgage market collapse, said Sheridan Mather, a managing director of recruitment firm Pinnacle International Ltd.
“We’re seeing some streamlining at the moment. We’re seeing some of the not so well-performing funds closing down,” London- based Mather said in an interview with Bloomberg TV today. “But we’re seeing massive growth of the established guys.”
The world’s biggest banks and securities firms cut 83,000 jobs in the 10 months to May as U.S. subprime mortgage delinquencies seized up the global credit market, according to data compiled by Bloomberg. Citadel Investment Group LLC and CQS (U.K.) LLP are among hedge fund managers that have used the opportunity to hire staff from investment banks to accelerate Asian expansion. Read the rest of this entry »
BOOKMARKS:
May 22, 2008 at 3:05 pm · Filed under banking, executives, hong kong
As leveraged finance transactions slow to a trickle, bankers Peter Szekely and Ponty Singh are let go as part of a global drive to cut costs
Morgan Stanley has let go of two of its leveraged finance bankers in Asia as part of a global round of job cuts that will reduce the bank’s headcount by 5%.
A Hong Kong-based spokesman confirmed that the two bankers are Peter Szekely, a product specialist within the leveraged finance and acquisition business in Asia, and Ponty Singh, who worked on the client coverage side with a focus on leveraged finance origination and high-yield bonds in Southeast Asia and India. Both bankers were promoted to managing directors in December last year.
The US investment bank said a couple of weeks ago that it would initiate another round of job cuts in the wake of subprime-related losses that forced the bank to write off a combined $9.4 billion in October and November last year (resulting in a fourth quarter loss of $3.6 billion) and seek a $5 billion equity investment from China Investment Corporation. The latest round of layoffs will affect 5% of the bank’s staff, which totals about 47,000 people globally, the bank told reporters in the US. Read the rest of this entry »
BOOKMARKS:
May 13, 2008 at 4:22 pm · Filed under banking, jobs, china
While many foreign banks stung by the US subprime mortgage crisis are trimming their headcounts, they have largely held back the ax in high-growth markets in China and many other parts of Asia.
UBS, one of Europe’s biggest banking groups, said that the process of reviewing and reallocating resources “will result in a minimal number of redundancies in the region (including China)”. The staff restructuring “will have no impact on UBS’ continued growth in the region”, it said.
The group announced 5,500 job cuts worldwide last week, after reporting a $10.9 billion net loss in the first quarter.
Morgan Stanley, the second-largest US investment bank, told China Daily it has not yet laid off anyone in China, despite its large worldwide workforce reduction. Read the rest of this entry »
BOOKMARKS:
