Expats may turn to lower-paying options following Deutsche and Nomura's job cull.
Bloomberg reports that opportunities for expats in Hong Kong have diminished after big banks announced job cuts in hard-hit equities units and increased hiring for Mandarin-speaking staff.
After Deutsche Bank AG announced plans to cut 18,000 jobs, many employees worldwide are facing the challenge of job-hunting in a shrinking market. For foreign staff losing positions in Hong Kong, it could be harder than most.
Other international firms such as Nomura Holdings Inc. have also cut jobs in Hong Kong. At the same time, the city’s famously expensive living costs, including some of the world’s highest rents, mean that even senior bankers need to find new jobs fast in order to stay.
Expat bankers who lost their jobs and want to remain in Hong Kong often have to consider lower-paying options or demotions and some with longer-running ties to the city are looking at switching careers, weighing everything from consulting to cryptocurrency outfits.
Read the full report here.
Do you know more about this story? Contact us anonymously through this link.