The job landscape in Hong Kong’s financial services sector is projected to see notable growth in 2024, particularly for roles such as relationship managers, customer due diligence officers, and data analysts. This forecast from human resource professionals reflects the evolving demands of the market and signifies a shift in hiring priorities amongst financial institutions within the region.
Betty Lam, the head of human resources at DBS Bank in Hong Kong, highlighted that relationship managers are among the "hot jobs" in the current business climate. These professionals are not only vital to private banking but also play a significant role in supporting small and medium-sized enterprises (SMEs) as they navigate the complexities of the local economic landscape. Lam noted that relationship managers are particularly instrumental in guiding these businesses through current challenges, thereby enhancing their operational stability.
In a testament to this trend, DBS Bank recently embarked on an ambitious hiring initiative, onboarding 106 new staff members, which includes 50 relationship managers dedicated to strengthening client relationships and service delivery. This wave of recruitment aligns with a broader strategy among major banks in Hong Kong to focus on lucrative sectors, like private and corporate banking.
HSBC Holdings and Standard Chartered are among institutions indicating a similar approach. Standard Chartered, for instance, has announced plans to double the size of its wealth management team, aiming to capture an increased share of the expanding ultra-rich market segment in the region. UBS Group has also unveiled intentions to bolster its workforce, aspiring to double the assets managed for millionaire clients over the next three to five years. Meanwhile, Bank of Singapore has ramped up staffing levels in Hong Kong by 30 per cent in response to these market dynamics.
Jerry Chang, a consultant at executive search firm Barons & Co, pointed to the ongoing maturation of the ultra-wealth segment in China as a catalyst for growth in the wealth management sector. Chang elaborated that the competencies required for effective relationship management in financial institutions extend beyond technical knowledge; essential attributes include interpersonal skills, the ability to maintain client relations, and extensive networks to facilitate business opportunities.
In addition to the focus on relationship management, Deutsche Bank has shifted its hiring strategy towards investment banking and private banking roles, placing a strong emphasis on client coverage. Nishant Mihir, the bank's head of human resources for Asia-Pacific, the Middle East and Africa, outlined that key skills anticipated for 2025 will include proficiency in languages, particularly Mandarin, as well as expertise in data analytics.
The evolving landscape in Hong Kong's financial services suggests a robust demand for professionals equipped with diverse skill sets, further underscoring the significant impact that technological advancements and changing consumer behaviours are having on business practices in the region.
As banks reposition themselves to capitalize on emerging market trends and meet the growing expectations of a diverse clientele, the importance of strategically aligning human resources with business goals will remain critical over the coming year.
Source: Noah Wire Services