Andrew Sullivan remembers the days when a young Brit could hustle his way into a job in Hong Kong finance.
He ought to know: He did it.
It was 1996, the twilight of British Hong Kong, when Sullivan arrived with a resume that could not get him into a bank in the City of London. The former fighter pilot and chartered surveyor was soon hired as a stock analyst.
Photo: EPA
“You didn’t need a CV that was perfect,” said Sullivan, now 55.
What you needed, he said, was gumption — and the will to chase business.
However, like the Union Jack and other trappings of empire, those days are long gone. Two decades after Britain returned its last major colony, the balance of power in the territory, and its financial industry, has tilted decidedly toward all things China.
More and more, even experienced bankers are struggling to find and keep jobs if they do not speak Mandarin.
Granted, the shift was under way long before the fireworks popped over Victoria Harbor on July 1, 1997, marking the end of more than 150 years of British rule
China’s economic rise, and the world’s rush to capitalize on it, only speeded the change, and so it is that another British tradition is going the way of God Save the Queen in Hong Kong.
For years, the territory’s Chinese, and even its China-savvy expatriates, derisively called indulged Brits FILTH, which stands for “failed in London, try Hong Kong.”
Expats who might have never worked in London, Europe’s financial hub, could walk into good jobs and cut deals in the soft-carpeted confines of the Hong Kong Club or over a pint at the Captain’s Bar in the Mandarin Oriental.
Now FILTH is in terminal decline, its fate seemingly sealed by cost-cutting throughout the financial industry.
John Mullally, an executive recruiter, said that as recently as 2010, expatriates from Britain and the rest of Europe, as well as those from the US and Australia, landed 40 percent of his finance job placements.
Today, that figure is 15 percent.
“On a weekly basis I get quite a few senior bankers that 15 years ago would have picked up a job straightaway, but today they’re really struggling,” said Mullally, who runs Robert Walters PLC’s banking practice in Hong Kong.
At Citigroup Inc, Chinese students will account for the majority of university graduates the firm intends to hire full time in Hong Kong next year, said James Mendes, the US bank’s Asia-Pacific head of recruitment.
For the past two years, JPMorgan Chase & Co has hired more than 40 percent of its full-time graduates and interns for Hong Kong from local universities, a number the bank expects to increase as it ramps up business in the region.
Private banks are also looking for China-skilled staff to help them capture a slice of the country’s burgeoning wealth.
For example, Bank of Singapore Ltd, a unit of Oversea-Chinese Banking Corp, hired 20 Mandarin-speaking relationship managers in Hong Kong this year.
Scarce, too, for expats are perks like generous housing allowances and memberships to such elite clubs as the Royal Hong Kong Yacht Club.
Ben Quinlan hardly qualifies as FILTH. However, he has felt the walls close in. Born in Hong Kong and educated in Australia, he does not speak Mandarin.
When he returned to Hong Kong in 2007, he hoped to land a job in investment banking. Instead, he had to settle for one in internal strategy at UBS Group AG, where speaking Mandarin was not a requirement.
“Young junior bankers without language skills are so rare these days,” said Quinlan, 33, who now runs a financial consulting firm.
Most global banks have tried to bring in Chinese power brokers. Many of these bankers are not only bilingual, but also bicultural — products of elite Western universities who can move seamlessly between China and Wall Street.
Many also bring deep connections to China’s leadership and state-owned enterprises. Now mostly in their 40s and 50s, they include Morgan Stanley’s Wei Sun Christianson (孫瑋) and Credit Suisse Group AG’s Janice Hu (胡知鷙).
For the most part, divisional and regional leadership roles in Hong Kong are still held mostly by expatriates.
However, a new generation of Chinese financial professionals, most with language skills and many with top degrees, have filled the lower ranks — and seem destined to rise.
That is bad news for all expats, FILTH or otherwise.
“People here are very pragmatic and they will adjust their line of sight to where it allows them to make the most money,” Mullally said.
Two decades ago, Sullivan broke into Hong Kong finance as a 35-year-old British Royal Air Force veteran with no experience in the industry. He moved on from equity research into a successful career in sales trading, albeit one outside the big leagues of the Goldmans or Morgan Stanleys.
Now his career has taken another turn. After two years working for Chinese, overseeing sales trading at securities firm Haitong International Securities Group Ltd (海通國際證券), he was given his marching orders on May 31. His position had been made redundant.
He is looking for a new job in Hong Kong and says he has had some promising conversations with recruiters.
After 20 years, Asia is what he knows.
“I’ve got nothing in common with the UK now,” he said.
The Eurovision Song Contest has seen a surge in punter interest at the bookmakers, becoming a major betting event, experts said ahead of last night’s giant glamfest in Basel. “Eurovision has quietly become one of the biggest betting events of the year,” said Tomi Huttunen, senior manager of the Online Computer Finland (OCS) betting and casino platform. Betting sites have long been used to gauge which way voters might be leaning ahead of the world’s biggest televised live music event. However, bookmakers highlight a huge increase in engagement in recent years — and this year in particular. “We’ve already passed 2023’s total activity and
Nvidia Corp CEO Jensen Huang (黃仁勳) today announced that his company has selected "Beitou Shilin" in Taipei for its new Taiwan office, called Nvidia Constellation, putting an end to months of speculation. Industry sources have said that the tech giant has been eyeing the Beitou Shilin Science Park as the site of its new overseas headquarters, and speculated that the new headquarters would be built on two plots of land designated as "T17" and "T18," which span 3.89 hectares in the park. "I think it's time for us to reveal one of the largest products we've ever built," Huang said near the
China yesterday announced anti-dumping duties as high as 74.9 percent on imports of polyoxymethylene (POM) copolymers, a type of engineering plastic, from Taiwan, the US, the EU and Japan. The Chinese Ministry of Commerce’s findings conclude a probe launched in May last year, shortly after the US sharply increased tariffs on Chinese electric vehicles, computer chips and other imports. POM copolymers can partially replace metals such as copper and zinc, and have various applications, including in auto parts, electronics and medical equipment, the Chinese ministry has said. In January, it said initial investigations had determined that dumping was taking place, and implemented preliminary
CUSTOMERS’ BURDEN: TSMC already has operations in the US and is a foundry, so any tariff increase would mostly affect US customers, not the company, the minister said Taiwanese manufacturers are “not afraid” of US tariffs, but are concerned about being affected more heavily than regional economic competitors Japan and South Korea, Minister of Economic Affairs J.W. Kuo (郭智輝) said. “Taiwan has many advantages that other countries do not have, the most notable of which is its semiconductor ecosystem,” Kuo said. The US “must rely on Taiwan” to boost its microchip manufacturing capacities, Kuo said in an interview ahead of his one-year anniversary in office tomorrow. Taiwan has submitted a position paper under Section 232 of the US Trade Expansion Act to explain the “complementary relationship” between Taiwan and the US
RSS