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Maybe young Chinese bankers aren't so hot after all
11 June 2009By Sarah Butcher
COMMENTS
Surely a lot of these so called 'chinese' bankers have international experience ie: they may have been schooled in the US or Europe.....I think most of right minded people aren't too fussed about race these days...or perhaps that's just me with my outdated notions...... Read all comments »If there’s anything resembling a sacred cow in the investment banking job market, it’s the idea that young Chinese bankers are as desirable as they come.
Sadly, this may no longer hold true. Despite the hope that China might soon lift its moratorium on domestic listings and assertions that the world economic centre of gravity is moving to Asia, Chinese bankers are not as popular as all that.
Matthew Hoyle, chief executive of Hong Kong-based recruitment firm Matthew Hoyle Financial Markets, says he’s deluged with CVs from Chinese bankers with a few years’ experience in New York or London who want to return to Asia.
“Up to associate level, the supply far exceeds the demand,” says Hoyle. “Hong Kong is awash with highly qualified junior people who think that because they speak an Asian language and have a few years’ banking experience, they’ll get a job. That’s really not the case any more.”
Instead of starting out in London or New York and hoping to move to Asia a few years later, Chinese bankers’ better bet in the current circumstances might be to stick to Asia all along. “If you haven’t got a Hong Kong mobile number or address on your CV, people won’t look at you,” says Hoyle.
So if young Chinese bankers aren’t hot, who is? Adrian Ezra, chief executive of international search firm Execuzen, says Indians and Koreans are at least as popular. Hoyle says highly qualified Indians are flooding the Asian market: “There’s huge, huge competition. A lot of the Indians are absolutely top notch.”
COMMENTS
Paul W, Risk Management, Fri 12 Jun 09
@ Sarah. You simply chose an angle for your "journalism" to denigrate "Chinese", whatever that means to you. It was a totally NON-ISSUE unless you really do want to write about the issue of equality of recruitment practices within the international banking world. But your article was not about fairness in recruiting, nor about competition in a tough job market. It was simply a cheap snipe. However, I understand that it would be difficult for you to recognise and acknowledge that.
Would you presume any young bankers are "hot" based purely on their race or nationality? If not, then you have just proven my point. If "yes", well, the international banking industry really does need to re-evaluate their recruitment practices, then - which could be a better focus for your article.
Sarah, Editor, eFinancialCareers, HR & Recruitment, Fri 12 Jun 09
@Paul W - it is perfectly reasonable to assume that a certain nationality might be in demand if their country of birth is expected to be an engine of global growth in future. It is equally reasonable to look at why there is not the level of demand that might be anticipated for these people. It is not a cheap snipe, it is a reasoned argument (apart from the final paragraph which admittedly contains some logical inconsistencies.)
'However, I understand that it would be difficult for you to recognise and acknowledge that...'
Mr. Frank White, Quantitative Analytics, Fri 12 Jun 09
@ Sarah, Jon Appleby and the whole EFC team. Quite dissapointed really. This sort of attitude is what is holding Europe back from innovativeness. Coming from the states, I can honestly say that the so- called ethos of diversity in the UK is a big SHAM!!!! You are making some really denigrating statements -albeit under the guise fo financial journalism, without actually realising it. As I said earlier, I am quite dissapointed.
Add your comment »Mike Winner, Private Banking / Wealth Management, Fri 12 Jun 09
Calm down, dear !!
Add your comment »ponterotto, Derivatives, Fri 12 Jun 09
"Coming from the states, I can honestly say that the so- called ethos of diversity in the UK is a big SHAM!!!"
have you worked in the US??? London is beyond comparison in terms of equality.
Paul W, Risk Management, Fri 12 Jun 09
@Sarah. Your article does not even articulate your non-sequitur assumptions. Any information in your article only points to how difficult it is for Junior level bankers (but your article highlights "Chinese" candidates) with experience outside Asia to get a job within Asia...but you spectacularly link this to the value judgement of how hot-or-not "Chinese" bankers are in general. Would it be appropriate if you were to use the same arguments to report on overseas "Jewish" bankers trying to find work in Israel, or to conjure an article on US "black" bankers with experience abroad, but now trying to find a job back in the US? Would you create a derisive headline and commentary, but justify it with the assumption that black bankers should be more in demand because of a black president!
If you really have no news or anything meaningful to report from these difficult times and competitive job market, then I would suggest that you simply do what Yahoo does, and report what is happening on the Soap Operas or Big Brother rather than conjure racially derisive headlines and articles...
'However, I understand that it would be difficult for you to recognise and acknowledge that" ~ Repeat
Sarah, Editor, eFinancialCareers, HR & Recruitment, Fri 12 Jun 09
@ Paul and @ Mr Frank White - The headline wasn't intended to be racially divisive, or racially provocative. It was intended to make the point that, given the success of China, Chinese bankers are not as popular as you may think.
@Paul, the success of China and grounds for the assumption that Chinese bankers are popular are not substantiated at length in the article. They are, however, substantiated by the clickable links which offer more depth. Such is the nature of online journalism.
Ying Tong Tiddlee-Ho, Credit, Fri 12 Jun 09
I'm with Sarah on this one. Clearly, there's been a little bit of over-sensitive reaction here.
Add your comment »Paul W, Risk Management, Sun 14 Jun 09
@previous poster. Thank you for demonstrating my point that a few people, like yourself, feel it is ok to deride and mock anything Asian, yet would not have the same bravado to do so for other races. Your username that you posted is obviously a casual snipe at the "hilarity" of Chinese names. I understand that for some people, mocking others is part of their nature. Just don't pretend it is anything else, though, by wrapping it up in academic debate.
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