Overview and Current Climate:
With world financial markets in turmoil, this sector presents both challenges as well as opportunities for our clients. Many believe that the sub-prime and CDO problems are not over, and the impact may be felt for another two or three years. While the aftermath has extended beyond the US financial system due to the inextricable links of an inter-connected world, Asian financial institutions have generally felt less of the shock compared to their American and European counterparts.
Recent top management changes in global financial institutions in the US and Europe will also be felt elsewhere. Already many banks in the US and Europe have announced cutbacks in staff, while others have discreetly introduced a hiring freeze. The extremely hot private banking industry in Asia itself is showing signs of slowing down, with many taking the opportunity to consolidate their recent hiring spree. Investment banking is another area which is affected.
On the other hand, consumer banking is still seen as an area of growth in many countries around the globe. At the same time, as a result of recent financial debacles, within as well as outside the financial service industry, there will be a continued need for top caliber people in such areas as risk management, human resources and talent management, and information technology, to support revenue-generating activities.
All of the above would lead to changes in top, senior, and upper-middle management. Agilium Worldwide members around the globe are poised to help our clients in whatever function and region they need assistance.
Member firms active in the Financial Services sector:
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