Absolutely ZERO other exits, about to get fired from HK investment banking, please help!
I am an AN2 at a reputed balance-sheet bank in HK, think MS/HSBC/UBS (ignore title).
A week ago I was given the tap on my shoulder by my seniors and got told to "watch my step", however cryptic that might be. I think I am at risk for getting laid off given my division is currently cutting people.
In the past 12 months, once the layoffs in the HK IB scene started, I have applied to hundreds of jobs, not only in PE but also corpdev, IR, corpfin, AM, whatever. I have gotten completely ghosted by the megafunds, I think only two even run a structured 2-year associate programme. The corporate folks told me my salary requirement is too high and without fail always prefer Big4 candidates (they are more technical than us anyways). In addition, no banks are hiring/everyone is firing. I feel completely stuck. IR/AM always ghost me as they prefer salespeople/IC from private bank. I got completely ghosted.
I thought that IBD would provide so much career optionality/best start to a career in business. But turns out that's not the case for me.
If you successfully exited from IBD in Hong Kong in the past few years, could you please comment on this thread on the type of job you exited to, & if you feel comfortable, your compensation range? Really just hoping to get any job in finance if/when I am fired. Your input would be very helpful in determining the type of role I could concentrate all my efforts on.
Someone told you to “watch your step”….
What the fuck type of shit is this? Man this industry is ridiculous.
Get out of asia. No one on the west wants to do business in Hong Kong anymore. Many refuse to even step foot there.
Do whatever you can to come the greatest country on earth.
Not too sure what you mean, could you elaborate on this?
the land of the free and the home of the brave
Can you elaborate on this?
*bald eagle screeeeeching
Get over yourself.
The US is a MESS. Unaffordable, unsafe and people getting arrested for criticizing Jews!
It's Switzerland or UAE. Those are the crown jewels.
Heard from a few recruiters that private credit shops are looking for candidates in HK. Any experience there? PC is quite a hot place to be in now. For AN2 probably similar modelling you’ve been doing, just read up more on structuring and outing on a debt mindset.
Agree, IB shouldn't be touted as as the magic key to other finance and non-finance careers in Asia
Am also in HK (ignore intern tag), and looking for exits. Honestly seems like a shitshow all around. In Asia there's genuinely not much. The IB > PE pipeline doesn't exactly exist (many take in US hires that are looking to come back to Asia), and HFs (even for your MMs) are a shitshow. What happened to "banking" for optionality and versatility lol... Even networking/existing relationships didn't help much as their shops simply aren't looking for further headcount.
Even now? Thought the Chinese economy was picking back up.
Have you received any interviews or offers? Any word on the pay packages of possible exits (after 2-4 years of banking)?
Would love to know your plans as someone who's also looking to exit.
I'm thinking of it too and some seniors are optimistic, but I don't see any significant moves or changes for now. I mean for HK it still tends to be strong in capital markets, but this year some higher profile ones (your bubble tea shops) have all been on halt, and some others don't seem to be proceeding. Maybe in a year if stimulus is still strong I guess?
I'm a relative junior like you, but banking wasn't my long term goal to be very honest. I like it and I'm grateful I have a job. In terms of offers, whatever people say about the MM PEs giving you a huge paycut (20-30%) tends to be very real. Some funds definitely pay better, for example "Infrastructure" tends to be a pretty good sector and the stronger players in that (not looking at your Mega Funds) tend to pay a premium to banking. I don't have that many data points, but some Infra funds like Stonepeak and Macquarie (traditional heavyweight) do pay well. They only take in banking hires, you start as an assoc. Just base is about 50-70% higher? But to be very upfront I only heard of it from a friend, and infra wasn't something I wanted to do either.
Headcount across the board isn't too high, have some headhunters and all but I don't think half of them know what they are even waffling on about. Had some luck with some MM HF platforms (interviews and all), but generally the PMs tend to prefer sell-side ER analysts. On the PE side, even through networking I'm not hearing of any proper FT opportunities too.
Disclaimer is that I obviously do not try THAT hard for recruiting, I like my team and sector and don't mind sticking it out a bit more. Am in a US BB with decent deal flow, and I may just stick around in banking and hope China does better.
How about you?
This industry is absolutely pathetic…Why can’t anyone just speak in plain language? “Watch your step?”
…..tf?
Recusandae et at est non ullam et. Modi cum ab cumque occaecati exercitationem. Praesentium quis labore et sit magnam illum quia. Animi itaque iusto reiciendis aut.
Veniam modi minima eos. Consectetur eum odio consequatur id corrupti. Dolor quia voluptas quisquam facere nesciunt.
Corrupti eos incidunt et animi eos aut. Quae ut eius mollitia accusantium natus sed velit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...