2019 banking and financial services market outlook.

16/01/2019 07:59:35

finance candidates prioritise job stability over salary

The trade conflicts between powerhouse US and its key trading partners are mounting uncertainties around the world. Global markets are pulling back as investors shift their focus to the murkiness of the ongoing tax discussions and perplexing issues such as intellectual property. In Hong Kong, we foresee that banks will choose to tighten their controls and increase interest rates on credit lines to have a better control of capital inflows and outflows.

The strong hiring levels that we have seen at the beginning of 2018 will unlikely see a repeat in 2019. Banks will likely take on a ‘wait-and-see’ approach towards their growth and hiring strategies as a response to the volatile market. In view of the rising market scepticism, job seekers will also increasingly seek employers who can promise them better job security.

regional banks expanding as international firms take a back seat

Compared to international banks, regional banks are not known to be big risk takers. Even during times of economic growth, Asian banks tend to have less expansive lending policies and moderate growth momentum.

The upside to this softer approach is that despite market uncertainties, regional banks will continue to gain business development opportunities while expecting a steady flow of financial activities in 2019.

International banks that have a strong presence in countries affected by the trade conflict and high volume of financial activities will inevitably be impacted as they risk mounting tax tariffs. Global banks will pivot their business strategy from one that is bold and opportunistic - to one that is more reserved and conservative in 2019.

download Randstad Hong Kong’s 2019 market outlook and salary snapshot report to read more about the jobs demand and salary benchmarks within the banking and financial services sector.