Financial Sector hiring witnesses massive slowdown amid Coronavirus crisis

Financial firms operating across South Asia especially Singapore and Hong Kong are delaying hiring processes due to Coronavirus outbreak in the region. Both domestic and international organizations have confirmed a massive slowdown in hiring.  As per a report in Bloomberg 

“It's another aspect of the fallout from the virus, which has also caused factory closures, disrupted supply chains and initiated the world's largest work-from-home experiment. Recruiting has become less of a priority as firms including DBS Group Holdings Ltd. have highlighted the revenue impact of worsening business conditions.

 

Bloomberg has confirmed speaking to more than 6 recruiting firms all of which have confirmed a slowdown in hiring due to logistical difficulties like travel ban in China and a decision not to conduct face to face interviews.  

 

The slowdown is majorly impacting investment bankers and wealth management firms. Some recruiters have also pointed to early signs of companies reconsidering their initial hiring plans for 2020. As the outbreak deals a deeper blow to their operations.

A few banks and asset managers have been reported to review their hiring budget for 2020. However, recruiters expressed optimism that new viral infections are slowing, with some lauding the Singapore government for its efforts to contain the outbreak.

 

The exact intensity of impact is still unclear until firms reveal their revised hiring plan and budgets for this year. 

 

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Taniya Tikoo

Editor-in-Chief & Co-Founder at ObserveNow. A Mountain girl using the power of words to change the world.

I dream to wake up to a world where I see a thriving Kashmir, a free Palestine and a Free Tibet 

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