Asia may not be the finance sector's bright spot after all.
A new report from Robert Walters, a recruitment consultancy, found that hiring within banking and finance in Asia has shown signs of weakness as banks weathering the tumultuous markets have implemented hiring freezes and job cuts. Growth in the region is expected to be centered on the public sector.
The survey, which reviews job advertisements posted in a variety of sectors, found that advertised openings for banking and finance professionals declined across Asia in the fourth quarter. Postings decreased by 21% in Hong Kong, along with declines of 12% in Malaysia and 14% in Japan.
The overall atmosphere is one of caution. While the firm anticipates "muted" financial hiring in most regions, Robert Walters also expects that in the early Lunar New Year, which coincides with bonus payments, banks will see a higher level of job churn among professionals in the sector. This turnover may lead to an increase in hiring for client- and consumer-facing positions, the report says.
Controversial Cuts (Telegraph)
It was a "black day" for the finance sector in London: Lloyds and Royal Bank of Scotland, both taxpayer-owned banks, announced that they'll be cutting 2,000 jobs between them.
Quashing Rumors (WSJ)
HSBC may be slimming down its global operations to drive a rise in profits, but it denies accusations that it will exit Asian markets in an effort to do so.
Faulty System (WSJ)
The clearing arm of Goldman Sachs has been accused by the Commodity Futures Trading Commission of failing to adequately supervise some of its accounts between 2007 and 2009. The firm will pay the agency a $7 million penalty.
The Federal Reserve has failed Citigroup and SunTrust Banks on the agency's stress tests, saying the firms don't meet the minimum requirements for managing capital.
A Sad Loss (Bloomberg)
A 43-year-old managing director at J.P. Morgan, Jeremy Hill, has passed away after a battle with melanoma. Hill was a contributor to cancer relief organizations before he was diagnosed.
Some Hope (WSJ)
MF Global's customers looking to reclaim a portion of their lost funds may have hope in Barclays and RBS. Both banks have offered to pay out a higher sum to customers than the trustee of the failed securities firm.
Consider Moving (Emerates 24/7)
If you haven't yet gotten the relocation bug, consider a new survey from Robert Half that says 72% of CFOs in Dubai plan to expand their staff counts this year, and 91% are struggling to find skilled finance professionals.
Glimmer of Hope (MarketWatch)
According to the latest Manpower Employment Outlook survey, 10% of employers plan to bulk up their work forces in the second quarter of this year, the highest percentage since late 2008.
Buzz Around the Office
The Japanese competitive eater devours 13 grilled cheeses in one minute at SXSW.
List of the Day: Rebounding
Losing a job you love can sting more than losing a relationship in some cases. Here are the best ways to bounce back.
1. Take some time for yourself.
2. Redevelop a positive attitude.
3. Don't just grab the first offer that comes, unless it's that next ideal job.