As lay offs in the banking sector increases, foreign banks, which have felt the sting of the US mortgage crisis, have on the whole spared the cleaver in high-growth markets in China and other Asian regions.
Following a net loss of USD10.9bn in the first quarter, UBS, one of
Europe’s largest banking groups have reportedly revealed 5,500 job cuts
worldwide, but have confirmed that the number of redundancies in China
will be minimal. Morgan Stanley, JPMorgan as well as parent, JPMorgan
Chase have also seen a worldwide workforce reduction, following
billions of dollars in losses.
Media reports quote Professor Sun Lijian at Fudan University as saying
that “The shrinking derivatives market in the US led to the decline in
job demand, but the market just took off in China.” The market has
indeed taken off. While New York-based Citigroup Inc, reported USD41
bn in losses, and nearly 15,200 job cuts globally, Citibank China
performed well over the past year, reporting a 99 percent increase in
operating income, media reports.
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