All eyes are on India this year as global banks continue to tap into its growth opportunities. The market is expected to see another round of recruitment drive in both investment and private banking.
As China’s economy shows slow signs of recovery, global banks are putting their bet on India as an alternative source of growth in Asia.
Strong overall market conditions, fuelled by investments and massive capital inflows, booming equity markets as well an expanding manufacturing base backed by a stable and progressive policy environment are all factors that help to boost the country’s financial industry, Anshul Lodha, managing director, Michael Page India told finews.asia.
«All these have led to robust deal pipeline[s] and fast closure of deals,» he said.
2024 Outlook
Demand for bankers in India is expected to persist this year. According to Lodha, «every major player is expanding their teams in India». Even with the global economic uncertainty and challenges looming on the horizon, India’s banking sector «cautiously anticipates a favorable outlook», said Ajay Garg, director and CEO of SMC Global Securities in India in his commentary on Indian media outlet «ET BFSI».
«Stable interest rates, a robust GDP, and declining inflation could positively influence lending and deposit activities,» he commented, adding that increased technology and infrastructure investments will create avenues for growth.
2023: Hiring Spree
2023 was a watershed year for India’s financial services sector with the big players increasing their exposure across private banking and investment banking.
For example, New York-based Jefferies was looking to add 10 investment bankers in India and London-based Barclays was also adding dealmakers in the country while downsizing its global headcount, according to separate «Bloomberg» reports. And in private banking, numerous players also sought onshore expansion, such as HSBC and UBS which both made a re-entry into the market.
