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Emerging Asia’s bankers are hiring, private banking growing

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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.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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