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Expat finance posts in Asia to be slashed
| Published: | 6 Apr at 6 PM |
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As reported by the Telegraph, Asian financial hubs like Hong Kong and Singapore have enjoyed vibrant trade, with several US and EU banks and investment houses going East to tap into the globe's most populous region. Corresponding to the changes have been a shift of asset managers, bankers and financial service staff flocking to Asia to fill thousands of new posts.
However, many of these new positions are now starting to disappear as business operations are cut back, mainly amongst European and US banks. As blank cheques used to be written for Asian expansion, these banks cannot afford to continue such operations because of funding issues in their domestic markets.
This week, HSBC announced it was slashing 100 jobs in Singapore due to its restructuring plans. A total of 30,000 posts will be slashed by the bank in both Hong Kong and London.
Citibank has recently shed staff in Singapore as well, and plans to cut 4,500 jobs worldwide in line with its cost-cutting tactic. Australia’s ANZ bank said it would be slashing about 1,000 jobs around the globe.
Annabel Stone, a recruitment firm worker in Asia, said there used to be a time when placing candidates in jobs was very easy even if they did not have the required experience. However, banks became increasingly selective as cost pressures started hitting. Now the firm is finding a real slowdown for openings, with many shedding staff and announcing job freezes, she added.
However, many of these new positions are now starting to disappear as business operations are cut back, mainly amongst European and US banks. As blank cheques used to be written for Asian expansion, these banks cannot afford to continue such operations because of funding issues in their domestic markets.
This week, HSBC announced it was slashing 100 jobs in Singapore due to its restructuring plans. A total of 30,000 posts will be slashed by the bank in both Hong Kong and London.
Citibank has recently shed staff in Singapore as well, and plans to cut 4,500 jobs worldwide in line with its cost-cutting tactic. Australia’s ANZ bank said it would be slashing about 1,000 jobs around the globe.
Annabel Stone, a recruitment firm worker in Asia, said there used to be a time when placing candidates in jobs was very easy even if they did not have the required experience. However, banks became increasingly selective as cost pressures started hitting. Now the firm is finding a real slowdown for openings, with many shedding staff and announcing job freezes, she added.
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