Market Outlook: Banking and Financial Industry in 2021
Banking and financial services sector expected to see a slow recovery in 2021. The global pandemic is causing widespread economic distress for businesses and consumers. While government relief measures have helped ease the financial strain of businesses, the banking industry in Hong Kong SAR is facing rising asset risks and deteriorating credit conditions.
As a regional financial services hub, the banking and financial services sector is expected to see a healthy, albeit slow recovery in 2021 as investments continue to flow between markets within the Asia Pacific region. Hiring in the front office will resume first, followed by middle and back office operations to support business demands and growth. However, the speed of recovery would still largely depend on how other countries manage their local COVID-19 situation and global access to a viable vaccine.
We expect to see rising hiring demand in wealth management (asset allocation) and corporate banking (debt restructuring). With companies from mainland China rolling out more aggressive expansion plans into Hong Kong SAR, we may see heightened demand for banking professionals to manage Chinese-related investments. The two key skills that most companies look for in candidates in 2021 are projection and forecast as well as debt restructuring.