The war for talent in mainland China is intensifying as a handful of global financial institutions look to capitalize on China’s historic market opening.
Global financial institutions are running to secure a foothold as China makes a historic opening of the financial services industry across sub-sectors including securities, asset management and insurance.
But accelerated expansion coupled with a limited talent pool has led to a recruitment race in the financial sector that has, in many cases, led global banks to poach from each other’s mainland China rosters.
Credit Suisse: Research Focus
In addition to hiring ex-UBS analysts Alex Liu and Tracey-Ruth Sun to lead its research operations, Credit Suisse also nabbed the rival's then head of research, Erica Poon Werkun, last year.
And in July, Credit Suisse also reportedly let go 30 bankers in its mainland joint venture to make room for fresh talent.
UBS: Mass Hiring
Swiss rival UBS has added around 200 people this year in China including 44 bankers, analysts and support staff from at least five brokerages including Credit Suisse, a spokesperson said.
Managing director Grace Chen was also transferred from Hong Kong to Beijing to head technology, media and telecommunications banking.
And compared to most of its competitors, UBS has been an early mover in mainland China, having already met its target earlier this year to double overall staff size from 2016’s 600 to 1,200 ahead of its 2022 plan.
Morgan Stanley: Versus CICC
At Morgan Stanley, seven executives have been moved to its mainland China business, according to a «Bloomberg» report citing unnamed sources, alongside the hire the 20 bankers and research analysts.
But the war for talent has not simply resulted in one-way traffic in favor of global banks. Morgan Stanley lost six bankers, some to China International Capital Corporation, including two executive directors and another that worked on the largest deal this year.
