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Expats: do banks need them any more?

As Asia leads the financial sector recovery, the West is raising taxes and cracking down on bonuses: it’s no wonder that banks in Asia are still receiving plenty of CVs from London and New York.

But in the current sales-focused climate, the range of expat-friendly jobs is smaller than before the GFC. And for those who do secure eastern employment, the challenges they face in the workplace and in their own careers are perhaps greater than ever.

So what type of work is suitable for the freshly arrived foreigner? The possibilities include product-focused positions, which do not require existing Asian networks, as well as operations support, audit and compliance.

"Not frontline [jobs] because you have to be close to where your clients are. Back office you can outsource, but Eastern Europe would probably be more favourable due to the time zone issues," comments Ronald Ong, Morgan Stanley's chairman for South East Asia.
For those looking to move, don’t expect your working life in New York, London or Sydney to be replicated in Asia.

Mid to senior-level professionals in Singapore will, for example, probably be managing a different range of nationalities than they are used to, according to Guy Day, regional managing director fof a recruitment firm.

Guy, who is based in Singapore, oversees London as well as Asia. "Singapore, and Asia generally, is a far less aggressive and less confrontational place compared with London and so management styles need to be adjusted accordingly," he adds.

You will be noticed

Singapore and even Hong Kong (for the time being at least) are still smaller financial centres than London and New York, which can make bankers in these two Asia cities feel highly visible.

This cuts both ways, says James Carss, director of banking and financial services at Hudson in Hong Kong. "If the person cannot perform, there is no hiding in Hong Kong, and it is easy for under-achievers to crash and burn quickly," he adds.

Some bankers believe that returning Asians – who have spent several years abroad acquiring good technical knowledge – are the only overseas applicants who can make a real impact in Asia. "The ones who need to adapt will not make it," says a senior banker, who asked not to be named.

Source: www.financialcareers.sg
Date of publication: 19 January 2010

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