City workers expectations of job growth in London weaken as Shanghai emerges as global financial ce
City workers’ expectations of job growth in London weaken as Shanghai emerges as global financial centre says Astbury Marsden
· 73% expect most new banking jobs to be created in SE Asia
· Shanghai sees the biggest jump
Confidence within the City job market continues to weaken as UK bankers increasingly pick Hong Kong, Shanghai and Singapore as the generators of new banking jobs reveals research by Astbury Marsden, the leading City recruitment firm.
Only 11% of bankers and hedge fund workers think London will create the most new banking jobs over the next 12 months – down from 22% a year ago.
Meanwhile 73% think that the major Asia Pacific centres of Hong Kong, Shanghai and Singapore will create the most new banking jobs over the next year.
The importance of business in mainland China was highlighted by the leap in confidence in Shanghai with 26% expecting Shanghai to provide the most new jobs versus just 19% last year
A recent analysis of new Hong Kong banking job requirements by Astbury Marsden showed that 40% now require the banker to speak Mandarin. China has supplied many of the biggest IPOs of the last year.
Mark Cameron, Chief Operating Officer at Astbury Marsden comments “The centre of gravity continues to move towards China whilst confidence in London continues to be chipped away.”
“When we conducted this same research last year we thought that sentiment towards London was at a low – unfortunately we were wrong.”
“Whilst the continued growth of the Chinese economy and the gradual liberalisation of its financial sector means that much of that shift is inevitable. UK has only now emerged from a double-dip recession whilst China’s GDP is expected to continue to grow at 8%.”
“However, the trend does seem to be helped by an overly hawkish attitude taken by politicians and regulators in the UK.”
Recent research by the Centre for Economics and Business Research (Cebr) has forecast that the number of financial services jobs in Hong Kong will have overtaken the number in London by 2015.
The Cebr estimates that in 2015 there will be 247,912 financial services jobs in Hong Kong, compared to 237,134 in London.
The Cebr also says that there are currently 249,512 financial services / City jobs in London, compared to 206,993 in Hong Kong.
Adds Mark Cameron: “Hong Kong and especially Singapore are marketing themselves heavily on their business friendly outlook a point on which London should also be fiercely competing.”
Mark Cameron explains that although there have been some job cuts in Hong Kong and Singapore, they are still nowhere near the same scale as cuts in London.