Top Biz News
Professionals make hay as banking sun shines
By Zhang Lu
Updated: 2007-03-20 08:46
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March and April have always been the golden season for job-hoppers. This year seems especially rosy for bank employees because overseas banks are expected to recruit more talents for their local offices.
A PricewaterhouseCoopers report had earlier forecast that once China fully opened up its banking sector, more than 16,910 people would be working for overseas banks on the mainland by 2008, that is, 154 percent more than 6,654 employees in late 2006.
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Fluent in English, a good knowledge of international trade and commercial laws, professional certificates in banking fields and a three- to eight-year working experience are what the overseas banks look for in their recruits, says Hao Jian, a senior job consultant at zhaopin.com, a leading Chinese job recruitment website.
People familiar with the yuanretailbusiness and strong in sales are the most sought after, them, he said.
There's no doubt that experienced staff of local banks will be the overseas banks' main target as they try to expand in the mainland market and attract the growing number of rich Chinese clients.
In fact, headhunters are already on the prowl. "Overseas banks have attracted a number of our staff,"China Construction BankChairman Guo Shuqing says. Though the percentage of job-hoppers is not very high, most of them are skilled professionals, vital to the banking business.
For domestic banks, the competition to retain and get talented and experienced staff is more immediate and big than the race with overseas rivals to attract new and rich clients.
An obvious advantage that overseas banks enjoy is the ability to offer higher salary and bonus to their staff, said a foreign bank employee, who didn't want to be named. But even that is not the most important reason because "many of my colleagues believe overseas banks offer better career opportunity".
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