Foreign banks plan a big hiring spree
By Hu Xiaocen |
July 18, 2012, Wednesday
|
Print Edition
Print Edition
FOREIGN banks plan to hire about 56 percent more employees in China by 2015 to maintain growth, according to a report released yesterday by PricewaterhouseCoopers.
Many foreign banks plan to recruit aggressively, which will boost their combined head count from 35,000 to 55,000 by 2015. The three most wanted positions are corporate relationship bankers, risk management professionals and treasury personnel, PwC said, citing a survey of CEOs, senior executives and branch managers at 41 foreign lenders.
Among the respondents, 15 banks recorded a staff turnover rate of more than 20 percent in 2012. Most lenders believe staff movements within the foreign banking industry will rise this year, resulting in wages increasing 10 percent.
The 181 foreign banks more than doubled profits in China to 16.7 billion yuan (US$2.6 billion) in 2011 from 7.78 billion yuan in the previous year due to increasing credit demand from multinationals in China and a growing base of domestic customers. Despite China's subdued economic outlook, foreign banks are nonetheless predicting annual revenue growth of 20 percent or more until 2015, PwC said.
"Shanghai's transformation into an international financial center clearly offers significant opportunities for foreign banks," the report said. "And their market presence suggests this. In 2011, foreign banks held a 12 percent share of Shanghai's banking market, compared with 1.9 percent nationally. Several banks have relocated head offices to Shanghai. Of China's 37 locally incorporated foreign banks, 21 are headquartered in Shanghai."
The survey also found the strict regulatory environment remains a concern for banks.
Many foreign banks plan to recruit aggressively, which will boost their combined head count from 35,000 to 55,000 by 2015. The three most wanted positions are corporate relationship bankers, risk management professionals and treasury personnel, PwC said, citing a survey of CEOs, senior executives and branch managers at 41 foreign lenders.
Among the respondents, 15 banks recorded a staff turnover rate of more than 20 percent in 2012. Most lenders believe staff movements within the foreign banking industry will rise this year, resulting in wages increasing 10 percent.
The 181 foreign banks more than doubled profits in China to 16.7 billion yuan (US$2.6 billion) in 2011 from 7.78 billion yuan in the previous year due to increasing credit demand from multinationals in China and a growing base of domestic customers. Despite China's subdued economic outlook, foreign banks are nonetheless predicting annual revenue growth of 20 percent or more until 2015, PwC said.
"Shanghai's transformation into an international financial center clearly offers significant opportunities for foreign banks," the report said. "And their market presence suggests this. In 2011, foreign banks held a 12 percent share of Shanghai's banking market, compared with 1.9 percent nationally. Several banks have relocated head offices to Shanghai. Of China's 37 locally incorporated foreign banks, 21 are headquartered in Shanghai."
The survey also found the strict regulatory environment remains a concern for banks.
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