Graduates and banking professionals are soon to face even more adversity, as recruitment firm Astbury Marsden predicts that the City of London’s job market will continue to suffer in the near future. According to a new report, three out of four UK bankers are tipping Asian locations such as Singapore, Hong Kong and Shanghai to be the leading generators of banking jobs, as confidence in British jobs dwindles even further.
Mark Cameron, Chief Operating Officer at Astbury Marsden, said: “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, the 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.”
Just 11% of bankers and hedge fund managers believe that London will generate the most banking jobs in the next 12 months (compared to 22% a year ago). 73% are of the opinion that the immediate future of banking recruitment lies in Asia. Astbury Marsden’s research puts a spotlight on the massive increase of confidence in mainland China, particularly Shanghai. This means that fluent Mandarin speakers will have a considerable advantage in the increasingly fierce competition for banking jobs.
This is far from heartening news for students and graduates keen to launch careers in the investment banking and financial services sector. It has never been so important for a candidate to do everything in their power to stand out from the crowd and illustrate the skills, experience and passion that make them perfect for a highly sought-after entry-level role or traineeship.
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