Published on ShanghaiDaily.com (http://www.shanghaidaily.com/)
http://www.shanghaidaily.com/sp/article/2008/200811/20081121/article_381450.htm
Joint hiring drive to snare Wall Street and City talents
Created: 2008-11-21 0:08:45
Author:Zhang Fengming
FINANCIAL institutions in Shanghai will conduct a joint recruitment drive next month on Wall Street and in the City of London to take advantage of the global financial tsunami which has presented an opportunity to snare experienced talents who are being let go by their crisis-hit big-name and renowned employers.
The Shanghai Financial Services Office yesterday said it will be teaming up with the city's human resource authority and the government of Pudong New Area to lead state-owned and Shanghai financial institutions to hire senior financial professionals and experienced bankers in the two global financial centers.
"We are not lacking headcount but we are short of experienced bankers," a Bank of China banker told Shanghai Daily. "We may be more cautious on hiring graduates next year but it's not the case with experienced bankers who have a global perspective and an experienced background."
Wall Street and the City of London are seeing a lot of layoffs by big-name institutions in the financial industry such as Citigroup and HSBC in the past months as the crisis, which originated in the United States, went on to sweep global markets and economies.
Citigroup said earlier this week it will cut jobs by 20 percent from its last year staff payroll peak, shedding another 53,000 jobs in the coming months, mainly in London and Wall Street.
"During these trying times, the Shanghai financial industry should also take advantage of the financial crisis to lure high-end talents which Shanghai lacks, especially when the city is building itself into an international financial center," the Shanghai Financial Services Office said yesterday.
The office, together with other authorities, will also help arrange big-name players from the two global hubs to visit financial institutions in Lujiazui and learn about opportunities available.
Shanghai authorities have allowed small-credit companies to be started to help small businesses ward off the impact from the global economic slowdown. There are also plans for rural banks, with the first Shanghai-based rural bank likely to open this year, said sources.
Insurance firms will take a bigger role in the city's economic and social development, and they will also be allowed to invest in more areas.
The Shanghai Financial Services Office yesterday said it will be teaming up with the city's human resource authority and the government of Pudong New Area to lead state-owned and Shanghai financial institutions to hire senior financial professionals and experienced bankers in the two global financial centers.
"We are not lacking headcount but we are short of experienced bankers," a Bank of China banker told Shanghai Daily. "We may be more cautious on hiring graduates next year but it's not the case with experienced bankers who have a global perspective and an experienced background."
Wall Street and the City of London are seeing a lot of layoffs by big-name institutions in the financial industry such as Citigroup and HSBC in the past months as the crisis, which originated in the United States, went on to sweep global markets and economies.
Citigroup said earlier this week it will cut jobs by 20 percent from its last year staff payroll peak, shedding another 53,000 jobs in the coming months, mainly in London and Wall Street.
"During these trying times, the Shanghai financial industry should also take advantage of the financial crisis to lure high-end talents which Shanghai lacks, especially when the city is building itself into an international financial center," the Shanghai Financial Services Office said yesterday.
The office, together with other authorities, will also help arrange big-name players from the two global hubs to visit financial institutions in Lujiazui and learn about opportunities available.
Shanghai authorities have allowed small-credit companies to be started to help small businesses ward off the impact from the global economic slowdown. There are also plans for rural banks, with the first Shanghai-based rural bank likely to open this year, said sources.
Insurance firms will take a bigger role in the city's economic and social development, and they will also be allowed to invest in more areas.
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