Overseas banks to hire fewer staff but salary set to increase
By Zhang Fengming |
May 6, 2010, Thursday
|
Print Edition
Print Edition
OVERSEAS banks have scaled back their previously aggressive recruitment plan but employees can expect a bigger salary as the lenders continue to be optimistic on the Chinese economy, according to an industry survey yesterday.
Overseas banks projected they would hire fewer employees compared with a year ago but they were still strongly committed to China, said PricewaterhouseCoopers yesterday, quoting a survey conducted on chief executive officers and other senior management of 42 overseas banks in the country in the first quarter of this year.
The overseas banks, including the major players in China, projected that they will employ 44,192 employees in China by 2013, up 48 percent from their current headcount. But the projection was below the three-year forecast made in 2009 when 41 banks anticipated a 62 percent increase in hiring, boosting total employee number to 48,084 by 2012.
"Overseas banks are not competing as labor-intensive employers," said Raymond Yung, a PwC partner who leads its financial services business in China. "Though they seem to have scaled back their hiring plan, their investment enthusiasm, confidence and prospects in China are still strong."
The top five banks by employment in China were HSBC, Standard Chartered Bank, Citibank, Bank of East Asia and Hang Seng Bank. They accounted for 64 percent of the total number of employees in overseas lenders.
PwC said that one reason for the scale-back may be because the China Banking Regulatory Commission has become more prudent and cautious and takes a longer time to approve local incorporation for the overseas banks. Local incorporation is a major channel for overseas banks to expand their headcount and business activities in China.
But there is a silver lining to the smaller hiring projections as overseas banks in China are expected to offer a bigger pay increase ranging from 3 percent to 20 percent for employees this year as the financial crisis wanes. Three quarters of the employers in the survey said they expect bonuses also to increase in 2010.
Overseas banks projected they would hire fewer employees compared with a year ago but they were still strongly committed to China, said PricewaterhouseCoopers yesterday, quoting a survey conducted on chief executive officers and other senior management of 42 overseas banks in the country in the first quarter of this year.
The overseas banks, including the major players in China, projected that they will employ 44,192 employees in China by 2013, up 48 percent from their current headcount. But the projection was below the three-year forecast made in 2009 when 41 banks anticipated a 62 percent increase in hiring, boosting total employee number to 48,084 by 2012.
"Overseas banks are not competing as labor-intensive employers," said Raymond Yung, a PwC partner who leads its financial services business in China. "Though they seem to have scaled back their hiring plan, their investment enthusiasm, confidence and prospects in China are still strong."
The top five banks by employment in China were HSBC, Standard Chartered Bank, Citibank, Bank of East Asia and Hang Seng Bank. They accounted for 64 percent of the total number of employees in overseas lenders.
PwC said that one reason for the scale-back may be because the China Banking Regulatory Commission has become more prudent and cautious and takes a longer time to approve local incorporation for the overseas banks. Local incorporation is a major channel for overseas banks to expand their headcount and business activities in China.
But there is a silver lining to the smaller hiring projections as overseas banks in China are expected to offer a bigger pay increase ranging from 3 percent to 20 percent for employees this year as the financial crisis wanes. Three quarters of the employers in the survey said they expect bonuses also to increase in 2010.
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