Due to external economic and political uncertainties, the banking & financial services sector will likely experience a challenging year in 2020. Companies tend to be more risk-averse in a turbulent market, and will likely hold off their investments, including hiring activities, until business sentiments improve.
Despite the Chinese economy losing its steam, there are still a number of Chinese holding companies in Hong Kong SAR with ambitious investment plans, particularly in asset management services. One area that looks to have positive growth in 2020 is the high-net-worth (HNW) segment within retail banking and wealth management. Banks will continue to tap into the expanding HNW market as a critical channel to generate steady revenue.
The eight virtual banks are also expected to launch their products and services this year. As they become more operational, these firms will have to increase their headcount to ensure compliance, meet business objectives and deliver on their stakeholders’ expectations. Fintechs and virtual banks will actively reach out to top banking talent in risk and compliance as well as relationship management as they look to gain speed to market.
banking & financial services labour and salary trends 2020.
Banking professionals in non-revenue generating roles like risk management, compliance and operations will receive a salary hike of 8% to 15% when changing employers. Owing to the uncertain economic climate, those who choose to stay with their current employers in 2020 can expect a conservative salary increment of between 2% and 5%.
key highlights in this year’s banking & financial services industry outlook.
- specific areas of talent expansion and growth within banking & financial services segment, including virtual banking
- anticipated job mobility of professionals across different levels of seniority and industries
- salary snapshots for more than 60 different positions within banking & financial services