Financial services hiring slows in Hong Kong as coronavirus and protests weigh on outlook, headhunters say

Financial services hiring slows in Hong Kong as coronavirus and protests weigh on outlook, headhunters say
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Hiring has slowed in Hong Kong’s financial services sector, particularly for senior roles, as months of street protests and the coronavirus epidemic have made candidates and companies more cautious, according to headhunters.

Typically, February and March are a busy time for recruiters as many bankers and investment managers have pocketed their annual bonuses and candidates and are looking around for the next step up the career ladder.

But, added to an uncertain global economic outlook as the coronavirus continues to spread, lenders from Deutsche Bank and HSBC are to

trim staff

, which has left candidates hesitant to consider new roles, recruiters said.

“Candidates are saying ‘better the devil you know’ and they’re deciding to stay put,” said John Mullally, regional director for southern China and Hong Kong financial services at headhunter Robert Walters.

The jobseekers that are open to offers are asking for a big jump in compensation to offset the risk of moving, something companies are not willing to stump up right now. “It’s the toughest hiring environment since the financial crisis,” said Mullally.

Source: South China Morning Post

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