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Laid-Off Expat Bankers Struggle to Find Jobs in Hong Kong
- Deutsche Bank job cuts worsen woes of foreign hires in city
- Banks increasingly require language skills, China expertise
Commuters cross a street in Hong Kong, China.
Photographer: Brent Lewin/Bloomberg
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For years, Hong Kong was a hotspot with plum jobs for overseas bankers as global firms hired aggressively. But many recently laid-off bankers in the city are finding that cost-cutting and a demand for Mandarin speakers have diminished the opportunities for expats in Asia’s financial hub.
After Deutsche Bank AG announced plans for wide-ranging cuts this week, many employees worldwide are facing the challenge of job-hunting in a shrinking market. For foreign staff losing positions in Hong Kong, it could be harder than most.