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Asia Pacific becomes focus for expected financial jobs

Hong Kong, Shanghai and Singapore are emerging as the locations for new banking jobs according to research amongst the sector by Astbury Marsden. “The centre of gravity continues to move towards China whilst confidence in London continues to be chipped away,” said Mark Cameron, Astbury Marsden’s Chief Operating Officer. “When we conducted this same research last year we thought that sentiment towards London was at a low – unfortunately we were wrong.” Opulentus HKThe company’s research found 11 per cent of bankers and hedge fund workers think London will create the most new banking jobs over the next 12 months – down from 22 per cent a year ago. This compares to 73 per cent who think think the major Asia Pacific centres of Hong Kong, Shanghai and Singapore will create the most new banking jobs over the next year. The importance of business in mainland China was highlighted by the leap in confidence in Shanghai with 26 per cent expecting Shanghai to provide the most new jobs versus just 19 per cent last year. “Whilst the continued growth of the Chinese economy and the gradual liberalisation of its financial sector means that much of that shift is inevitable,” explains Cameron. “UK has only now emerged from a double-dip recession whilst China’s GDP is expected to continue to grow at eight per cent. However, the trend does seem to be helped by an overly hawkish attitude taken by politicians and regulators in the UK.” Figures from the Centre for Economics and Business Research (Cebr) has forecast that the number of financial services jobs in Hong Kong will have overtaken the number in London by 2015. According to this source 2015 there will be 247,912 financial services jobs in Hong Kong, compared to 237,134 in London. Source: http://www.theglobalrecruiter.com/news/asia-pacific-becomes-focus-for-expected-financial-jobs/4098

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