Hiring Freezes and Cuts? Is it all doom and gloom in the Financial Services?

By Nick Lambe, Managing Director, Links International

As we near the end of Q1, the question on many people’s minds within the banking sector is what is in store for them come Q2. By all accounts, revenues on the street for Q1 are going to be down YoY by anywhere from 15% to 20%. In addition, with some firms announcing hiring freezes and cuts in certain business lines, are we expecting Asia to be as heavily affected as the rest of the world?

I think the answer is YES… and NO.

On the one hand, the economic slowdown in China is on everyone’s mind and a weak start to the year doesn’t bode well for hiring across the market for the year. However, there are some positive areas (especially Wealth Management and Asset Management) AND some signs in the market that the Asian Economy will pick up as we move into Q2.

Many firms we have spoken with are indicating that their Asian hires will in the most part go ahead, even if approvals are taking longer, and this is very different from what we are hearing from Europe and the US.

So, all in all, it doesn’t look all that bad and Q2 could well be a good time to take your career to the next level. To speak to one of our team about how we can help take your career in the right direction, get in touch now!