Growing movement towards Hong Kong could generate banking jobs

People seeking finance jobs in Hong Kong may well be interested to learn that bankers are increasingly moving to the territory. The charge is being led by HSBC chief executive Michael Geoghegan, who has opted to work from the east.

The HSBC boss has chosen to base himself in Hong Kong rather than the UK, positioning himself in the region in which the organisation was founded 144 years ago as the Hong Kong and Shanghai Banking Corporation. It is also the part of the world that is widely expected by analysts to be the driver of international economic growth over the coming decades.

In addition to Mr Geoghegan's move to Hong Kong, a recent analysis of the Confederation of British Industry (CBI) and PricewaterhouseCoopers (PwC) of the financial services sector in the UK suggested that a shift is likely to be witnessed in technology jobs in banking towards territories in the east such as Hong Kong.

Those seeking banking jobs in Hong Kong may like to note that the CBI/PwC study was based upon forecasts from 20 leading industry figures and predicts a substantial move eastwards over the coming years, with Stephen Green of HSBC stating that the next five to ten years will see "the emergence of new Asian competitors, particularly from China".

Latest employment figures for Hong Kong revealed that the jobless rate fell to a 12-month low in the last quarter of 2009, down from 5.1 per cent the previous quarter to 4.9 per cent. Reported by Dow Jones, the data was in excess of analysts' predictions and reached its lowest level since January 2009. Rising business activity in anticipation of the lunar new year is forecast by labour and welfare secretary Matthew Cheung to further boost employment in the jurisdiction, fuelled by the corporate sector.

Meanwhile, a recent report in The Finance Standard suggested that Soros Fund Management, founded by billionaire financier George Soros, is examining the potential for a new office in Hong Kong and may relocate some of its executives to the territory, potentially generating new corporate finance jobs. The news source quoted a "person with knowledge of the matter" as making the claims and stating that the fund is planning to increase its investment in Asia over the coming years.
 
Additionally, further banking jobs in Hong Kong are likely to result from a rumoured "Asia-Pacific hiring spree" reported by Reuters as being carried out by Bank of America in the region in order to take advantage of its rapid economic growth and strong forecasts for the coming years. Oriental Daily has also stated that Standard Chartered is planning to create a further 500 new positions in its wealth management business in the region, with the roles confirmed by executives and expected to be in the "frontline" of the organisation.

All the above reports indicate that the recruitment market for finance jobs in Hong Kong remains particularly buoyant, with banks expected to generate large quantities of new positions in the Asia-Pacific region over the coming years.

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