Similar to what we saw during the opening half of the year, we don’t envisage there will be too many new hires in front line and associated support functions this quarter. Many institutions have strict budget controls in place and are placing emphasis on internal promotion and the retention of existing staff.
With increased pressure from regulators to ensure robust risk management and compliance frameworks are in place, hiring activity is expected to lift in this area. Unfortunately, the decision making time frame has doubled from what it was a year ago as employers are prepared to wait for the right candidate. Candidates seeking new opportunities as a result of tighter procedures and processes would have to be well versed in Credit Due Diligence and specifically, Know-Your-Client (KYC) this quarter.
As the issuing of credit and loans has become more conservative in Hong Kong, institutions would be particularly keen to speak to candidates who have experience in credit risk analysis and remedial management.
Many within the industry are predicating regulators will step up their continued investigations into misconduct within the banking industry. This will see a demand for candidates with prior experience of compliance and trade surveillance in this and future quarters.
It’s been noticeable that candidates who have recently been made redundant or have recently left their job are experiencing long periods of time without having an interview. As the market has become more competitive, some candidates have started to look outside the banking industry for new opportunities. Some have remained patient and continue to proactively look for new openings within the market. Employed candidates are taking a strategic approach and not actively seeking new moves due to the current environment.