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More than 40 foreign banks in China are expected to increase staffing levels in the next three years. It is estimated that 20,000 people will be recruited by 2015, according to a new report from PricewaterhouseCoopers (PwC).
Staffing increases are expected to be concentrated in four areas; corporate relationship banking, risk management, treasury, and legal/compliance. Accounting and tax/transfer pricing are predicted to be the areas of minimal or static growth.
26 of the 38 banks in the PwC survey responded that talent shortages are likely to have a significant impact in the coming years. 15 respondents lost more than 20% of their staff in 2011 due to ‘poaching’ from other banks. Average salaries are expected to increase between +8% and +10%. Salaries for senior banking staff in Shanghai and Beijing are expected to become comparable with their counterparts in Hong Kong, London, and New York.
At the end of 2011 the foreign bank presence in China included 181 banks from 45 countries and regions. Foreign banks experienced their most profitable year in China during 2011. Profit after tax increased +115% from RMB 7.78 billion (USD 1.25 billion) in 2010 to RMB 16.73 billion (USD 2.7 billion) in 2011.
View the full report from PricewaterhouseCoopers click here.