,Hong Kong

Growing exodus of junior bankers poses talent shortage for banks in Asia: report

Even raises of up to 30% has failed to stop junior investment bankers from leaving.

Higher salaries and promises of quicker promotions are failing to halt the exodus of junior investment bankers in Asia, throwing a curveball to the expansion plans of the world’s biggest securities firms and bankers.

In a report, Bloomberg said that recruiters and executives are noting that this exodus—which is reportedly growing faster in Asia than in any other region in the world—is in some ways more difficult to stem than in New York and London, where analysts and associates have rebelled against the industry’s work-till-you-drop culture.

In Asia’s biggest hubs, young employees are more likely to leave because they think they can earn more—and climb the corporate ladder faster—at one of the many fintech and investment firms that have sprouted up across the region.

“The whole industry is running into a pretty big supply and demand issue, and I don’t think this is going to be alleviated any time soon,” Mark Leung, JPMorgan Chase & Co.’s chief executive officer for China, said in a Bloomberg Television interview. The US lender is among banks including Goldman Sachs Group, Credit Suisse and HSBC hiring hundreds of staff for their push into China.

This is despite annual pay raises of 25% to 30% since 2019 for Hong Kong-based bankers covering in-demand sectors like technology and health care, said executives who oversee groups or the region, asking not to be named discussing private information.

Here’s more from Bloomberg.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Anju Abrol has over 30 years of banking experience.
Tse Yi-Mun will lead the bank’s north Asia branch as its managing director and group head.
Clients can now purchase SC Hong Kong’s wealth management products.
Citi plans to offer around 100 types of wealth products from the mainland.
Agents can apply for the loan through the BRILink Mobile application.
The delinquency ratio has been on the decline since May 2018.
The market is forecasted to rebound by over 15% in 2021.
The fund aims to achieve a potential monthly dividend payout of 5% per annum.
Its Vice President of Solution Consulting in Singapore discussed how to bridge the digital gap and humanise the banking experience in the new normal.
There is an increased demand for loans for home purchases and 'jeonse.’
The partnership is eyeing 16 million customers by 2025.
The U-Energy platform has nine partners that can support energy efficiency projects.
The bank expects its own climate financing in 2019-2021 to reach $17b.