Analysis-Souring China dreams force Western financial firms to cut costs
HONG KONG - Just a few years ago, lucrative business prospects in China on the back of a booming economy led to a scramble among Western financial firms, from investment banking to asset management, to expand their footprints and source talent from across the world.
More companies are expected to follow suit soon as a tepid deals pipeline and lacklustre asset generation weigh on expenses and revenues, according to senior executives at foreign financial firms, headhunters, and analysts. The headcount plan of FIL has been"significantly reduced" for the next four to five years compared to the business plan formulated in 2022, said the document, circulated internally earlier this year.
In investment banking, Morgan Stanley and HSBC are the latest to cut dozens of investment banking jobs in the Asia Pacific region, most of them focusing on China deals."We are hearing some more investment banks and securities firms in Hong Kong already looking at staff scale reduction," said Sid Sibal, vice president Greater China and head of Hong Kong, at recruitment firm Hudson which affects the footprint that we might have from a business perspective," said a U.S.
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