Do retrenchments loom at global banks in Hong Kong?

Hong Kong saw more investment banking redundancies than Singapore, China, and Australia in the first quarter of 2012.

According to the eFinancialCareers Q1 2012 Job Barometer, the employment market in Hong Kong was less buoyant than in the same period of the previous year.

“Australia experienced the greatest quarter-on-quarter slowdown in the number of financial sector job opportunities, with a 19% average reduction in Q1. This slowing quarter-on-quarter trend was also present in Singapore and Hong Kong, but to a lesser degree, with 8% and 9% decreases, respectively,” eFinancialCareers reported.

Here’s more from eFinancialCareers:

Hong Kong saw more investment banking redundancies than Singapore, China and Australia, and more retrenchments are expected at global banks in Q2. Although recruitment rates are down, some positive trends are emerging – such as private banks increasingly trying to recruit Mandarin speaking Chinese nationals who have strong relationships with mainland client networks. As in other markets, regulatory functions – such as risk, compliance and anti-money laundering – will remain in demand.