Swiss bank eyes further hiring
By hiring more than 500 recruits last year, UBS Hong Kong provided evidence that business has turned around. This was roughly double the number of new hires in 2009 and, with an Asia-Pacific growth plan in place, the bank expects to make 500 more job offers, subject to general market conditions.
"In wealth management, we will continue to hire client advisers as a priority and build a pipeline of talent through our associate programme," says Rose Tong, Asia-Pacific head of human resources. "In investment banking, we see recruitment across all revenue-generating and support areas."
She adds that, since their business is based on people and good execution, candidates should be able to ensure high-quality performance. Other required qualities include good technical skills, professionalism, integrity, teamwork and a mindset that looks for continuous improvement.
UBS recognises training and career development as the cornerstone of future success and a key differentiator in a competitive sector. In pursuit of this, the bank's own "university" provides learning and development opportunities for people new to the industry, as well as continuing training for experienced employees. More than 6,000 "participant days" of training were arranged in Hong Kong last year.
"Many employees tell us that this investment in their careers, with on-the-job and other training, adds to their job satisfaction and sense of loyalty," Tong says.
"We provide global opportunities and promote internal mobility as a means of career development and to create a collaborative and respectful culture."
Tong predicts banks will focus on strategic hiring of people who can provide leadership and boost revenue. Private wealth management should expand across the region, she adds. Banks are keen to find relationship managers with significant portfolios and strong client networks, and recognised product specialists. The mainland, Singapore and India are seen as key markets with the best long-term potential.
In capital markets, Tong sees a return to more traditional, transparent products. As a result, there will be high demand for recruits in fixed income sales, and for quantitative specialists and traders. In equities, hiring will focus on sales, traders and research, she adds. But there will also be a need for legal experts with knowledge of equities, credit derivatives and wealth management. Individuals with experience in product control and sales operations are likely to be in demand, Tong says.