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Foreign banks in China are projected to put a halt on wage growth and become more selective when creating new jobs, according to a new survey by recruitment firm Robert Walters. Hiring levels in the country’s capital Beijing are expected to remain low in particular.
But the survey found that senior bankers changing job will still be able to benefit from higher pay. “If you look at the past few years, there's been quite rapid wage inflation in China, and employees are changing jobs for significant incremental gains in their salaries. There's going to be more stabilisation in 2013,” said Mark Ellwood, managing director of Robert Walters Asia.
Mr Ellwood said that wage inflation began to calm down last year. “It's going to be a flat year by and large in terms of salary movement in Hong Kong, Singapore and even in China.”
A number of foreign banks have recently announced major job cuts. Hiring in China, such as in Beijing, is likely to focus on front-office jobs. In Shanghai, where many foreign commercial banks are situated, executives with overseas experience and expertise in areas such as risk, compliance and preventing money laundering are in strong demand, the survey said.