2011 was a rough year for the financial sector, as reflected by the 21% drop in the SPDR KBW Bank ETF ( KBE , quote ) . New hiring is a sign that the slump is over though, and that new hiring is happening in Asia.
According to job networking site FINS Asia-Pacific , recruiters predict that the number of finance jobs in Asia will grow by as much as 10% this year. The United Nations predicts employment growth of 7% or better in China, India, and surrounding countries -- much better than the predicted 3.2% global growth rate.
Private banking is one of the areas expecting to see new hiring as companies like Citigroup ( C , quote ), Royal Bank of Scotland ( RBS , quote ) and HSBC ( HBC , quote ) position themselves in the emerging markets.
In a November 2011 Financial Timesarticle , Citigroup private banking executive Jane Fraser made it clear that the emerging markets game was already in full swing. "Frankly," she said, "if you don't already have decades-long on-the-ground relationships in at least 18 emerging countries by my count, you're at a big disadvantage."
Other bankers are following suit. The Royal Bank of Scotland intends to double its international division's private banking asset base by 2015. HSBC already derives almost two-thirds of its private banking business from emerging market nations in Asia and Latin America.
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