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European bankers feel confident in 2024. Asian bankers don't

Our bonus & job market expectations survey had over 2,000 respondents, and they've had plenty to say about not just their bonus expectations, but also how they're feeling. We asked respondents whether they were looking for new jobs, as well as who was feeling secure about their jobs going into 2024.

We already looked at job insecurity by sector and by bank - but what are the patterns geographically?

 

The table above shows the percentage of people who voted “yes”, by city, to the following question: “Are you fearful about your job security?”.

Strong labour protections in continental Europe seem to have had an impact on whether continental European bankers feel secure in their jobs – just 28% of Parisian bankers told us they feel insecure in their jobs, below the global average of 33%, and a remarkable 16% of Frankfurters feel the same. One Frankfurt-based macro trader bluntly listed his confidence in his job security as being due to “employment rules in Germany”.

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That contrasts with London and New York (31% and 32%, respectively) strongly, but nowhere near as much as APAC, which is the Wild West in comparison. 44% of respondents in Hong Kong felt insecure about their employment, as did 46% of Singaporeans. Those are big numbers, well above the global average, and reflect a few factors including a tough regional market, with big question marks over China.

Ageism is also felt to be a factor contributing to employment insecurity in Asia. Multiple respondents in Hong Kong & Singapore directly named age as a factor preventing them from feeling confident in their job security – a statement that tracks with our figures. Whilst financiers felt most secure in their jobs between 26 and 30, other age categories ranged between 29% and 36% - until the 50+ age bracket, at which point job insecurity shot up to a rather high 56%.

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AUTHORZeno Toulon

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