Banks in Asia have rebounded faster than in other global markets and are now searching for investment banking talent at all levels, reports Forbes. Much of this demand is being driven by large increases in investment banking business.
Investment banking fees in Asia (ex-Japan) are nearly three times higher in 2010 than the year before, $3.1 billion versus $1.1 billion. And this figure surpasses the previous high water mark of $2.8 billion in the first half of 2007.
Some of the skills sets in highest demand include Mergers and Acquisitions (M&A) experience, particularly since Asian deal-making is close to pre-crisis record levels. Goldman Sachs, JPMorgan, Morgan Stanley, Barclays Capital and Credit Suisse are all reportedly building their M&A teams in Hong Kong.
Demand is high for Equity Capital Market analysts due to an increasing number of Asian IPOs. Other areas in high demand include Private Banking, to deal with increasing Asian family wealth. Firms such as HSBC, UBS, Credit Suisse, Citi and Morgan Stanley have announced plans to grow their private banking headcounts in Singapore. As well as Risk and Compliance Control and Finance Technology. Firms are coping with shortages by either transferring personnel from Europe and North America or stepping up hiring at the mid- to senior levels.
What’s your take? If you’re a North American native, would you work in Asia for a few years for the international experience and credentials? Add your comments below.