Try HSBC to escape the Big Four
HSBC is growing its Australian headcount by about 15 per cent this year as it looks to win more market share from the Big Four.
The bank recently recorded a $152m first-half 2010 pre-tax profit in Australia, up 28 per cent on last year, with the expansion primarily driven by the success of its commercial banking business.
The firm, which currently employs 1800 people in Australia, plans to boost hiring across all divisions because it is increasing its distribution capabilities.
New recruits are needed with retail, commercial, corporate and institutional experience, although the bank is also looking to source internally, taking advantage of its huge international talent pool, says HSBC recruitment manager Domenic Di Moro.
HSBC's growing presence, especially in commercial banking, will help candidates looking for opportunities outside the Australian firms.
"Given the bank's size, it's good news for the local finance industry that it's expanding its operations. Salespeople are normally the first sought in expansions so they would benefit first," says Luke Heath, chief executive of Chandler Heath Executive Recruitment.
As for potential career benefits of joining a global powerhouse, Heath says recruits have access to a larger balance sheet, as well as offshore products to sell and opportunities to work overseas.
Another headhunter warns that while foreign banks offer excellent opportunities, candidates should consider the challenges before making a move.
"The scope of roles, decision making and even the credit for good outcomes can be taken at head office. This could ultimately affect the career trajectories of bankers employed by local subsidiaries of international banks, and in some cases their remuneration," comments Bob Olivier, director of global marketing intelligence at Advantage.
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