If you are looking for a job at HSBC in Hong Kong right now, you may have your work cut out for you. HSBC, which is cutting 35,000 jobs globally, imposed a freeze on non-critical hires in late March, and extended it last week. The bank currently only has 36 permanent (non-contract) vacancies on offer in Hong Kong, despite the city being its largest market.
However, if you extend your local job search to cover the wider HSBC Group, which includes Hong Kong subsidiary Hang Seng Bank, you will have significantly more opportunities to peruse.
About 38% of all Hong Kong-based permanent jobs across HSBC Group are now at Hang Seng, a higher proportion than was typically the case before the pandemic. Hang Seng contributes around 29% (9,000) of the group’s overall Hong Kong headcount of approximately 31,000, but in pre-Covid times it tended to be a more conservative recruiter than its parent company, according to headhunters.
The good news is that Hang Seng’s Hong Kong jobs are not overwhelmed by retail branch vacancies, and many of them are senior in rank.
Moreover, the vacancies are dominated by roles within Hang Seng Indexes Company Limited (HSIL), the leading index provider for Hong Kong and China, which is arguably the bank’s most elite and well-known unit. HSIL is, for example, looking for a head of data to “envision, architect and determine data requirements”, according to the vacancy which appears on HSBC’s careers site. A least 10 years’ experience, preferably with a financial data management background, is a must.
HSIL, which runs more than 800 real-time and daily indexes, is also recruiting a head of business. If you land this role you will be tasked with formulating overall product strategy to “expand the usage and publicity of Hang Seng indexes” among financial institutions, stock exchanges and investors.
Strategists are flavour of the month at HSIL as it looks for expansion opportunities across Greater China. Other jobs include a senior business transformation manager and a strategy and planning manager. In the former position, you will be leading a team of project managers and you will need to have worked in the PM field, ideally in financial institutions, for a minimum of eight years.
There are senior research jobs on offer. As head of research (strategy/smart beta) for HSIL you will plan and execute quantitative research strategies, and be proficient in Python, R, MATLAB, SQL and SAS. Knowledge of the “latest machine learning and other AI technologies is a plus” if you want this role, and so is having a PhD in maths, science, engineering or quantitative finance.
Away from HSIL, Hang Seng’s more interesting jobs include a team head for its newly established product specialist team, a role that reports into the chief investment officer. Hang Seng, which was founded in 1933 and is one of Hong Kong’s largest listed companies, also wants a senior investment advisor for its investment services business.
If the thought of working for Hang Seng does not inspire you, bear in mind that internal transfers between it and HSBC are fairly common. “It could be a foot in the door to HSBC,” says a Hong Kong-based recruiter. HSBC holds a 62.14% equity interest in Hang Seng.
Photo by Hugo D. on Unsplash
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