Banking & Financial Services Market Insights Q3 2017

In Q2 2017, the Hong Kong job market for Banking & Financial Services had a very slow start. Due to approvals needed for new positions, and additional considerations for replacement headcounts due to attrition, most job movements happened towards middle to end of the quarter.

The Banking sector, though not at the volume we expected, was hiring all levels of professionals for different support functions.

Banks actively hiring Finance, Compliance and Risk Management professionals

In Q2 2017, Finance and Risk Management functions had a healthy need for resources at the mid- to senior levels, including C-suite positions.

Financial Crime and Regulatory Compliance positions have been numerous throughout Q2, particularly at the junior level, with some banks expanding their local teams. At the senior end, though not at the same numbers, there has also been a demand for similar profiles.

New positions across support functions prevailed

In the second quarter, financial institutions continue to create new positions for support functions including Account Opening, Client Due Diligence and Client Services, particularly within the private banking industry.

We have also come across some mid- to senior-level roles in the Operations Project Management space, though these were limited headcounts due to restructuring in bigger financial institutions. Internal Audit roles for various business lines at different levels were all predominant in Q2 2017.

Insurance and Securities businesses also saw ad-hoc talent demands for different support functions.

Retail Banking hiring remained busy

Strong competition within the Retail Banking space resulted in numerous positions in Sales & Marketing functions in Q2.

Several banks have been seeking candidates with experience in Digital Banking, Marketing, Product Development, Relationship and Account Management, as well as Telemarketing.

No slowing down for the Buy-Side industry

Investment management, private equity, venture capital and hedge fund firms had a very healthy talent demand at the junior to mid-level back office functions.
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These buy-side firms sought after consummate skills in Corporate Accounting, Fund Accounting, Fund Finance and Fund Operations. There was also a demand for more specialist areas including Research Analysis, Portfolio Analysis and Corporate Finance.

Hiring activities will continue with longer processes in Q3 2017

The first half of Q3 2017 will remain busy as recruitment processes continue from Q2, with an expected slowdown as we approach the summer period.

Retail and Private Banking will continue to look for both frontline and support staff with skills in areas such as Sales, Digital and Cross-border Marketing, Client Services, Client Due Diligence, and Compliance. For the mid- to senior-level positions in Banking, banks will continue to seek for professionals in Internal Audit, Compliance (products and surveillance), Financial and Management Reporting, as well as Operations-based Project Management.

Be compelling to attract talent

Banks and other financial institutions, in the bid to engage top talent in the market, will have to place salary as a key consideration. We have seen very competitive increments between 15-20% for positions that were hard-to-fill or have been opened for a long time.

In attracting the right talent to work for the business, it is important that interviewers in the hiring process highlight different selling points of the role, which need to include the stability of their own firm and management team, working hours, progression, and company culture. These are all crucial factors that potential hires consider when it comes to making career decisions.

Banking & Financial Services
Salary Report for Q3 2017*

*Notes about salary table:

1. Titles and levels vary from organisation to organisation.

2. The salary ranges given are only approximate guides. For tailored salary advice, please contact us directly.

3. 12-month base salaries are assumed.

4. All other benefits and bonuses are in addition to these figures.

5. Bonus ranges can vary significantly from company to company and will be influenced by market conditions, business and individual performances. Bonus ranges from 1 month at the low end to 100%+ at the upper.

6. Holiday entitlements range from 12–25 days with senior executives not usually receiving less than 18 days. Less than 15 is very rare and 20 days is becoming the norm.

7. Healthcare policies are standard.

8. Pension plans vary with some companies offering greater than the standard contribution. Top up schemes can increase employer contribution levels as much as 15–20% of the base salary for senior executives.