Asian banks put brakes on hiring after China’s economic woes

China's slowdown rippled out to job-hunting bankers last year after two of the world’s biggest recruiters said hiring conditions in Asia took a tumble in the wake of the country’s economic troubles.

Page Group, co-founded by recruiter Michael Page, said hiring in China deteriorated at the end of last year and had got worse since, especially in the financial hub of Hong Kong.

China’s economic slowdown and financial-market uncertainty had been the driver and “impacted confidence”, boss Steve Ingham said.

Rival recruiter Robert Walters, which makes 20% of revenues from financial services, said Hong Kong was also more difficult.

“In Hong Kong there has been a slight slowdown in financial services,” deputy chief executive Giles Daubeney said. “In other sectors there’s continued demand.”

China has been at the centre of a global economic storm after it lowered growth rates and took drastic action to halt a slide in stock markets, which collapsed by 30% last August.

Robert Walters and Michael Page posted robust results overall.

Profits grew 28% to £22 million at Robert Walters on the back of a 24% rise in revenue to £813 million, thanks to strong showing in Japan.

The UK was also solid but financials slowed in the final quarter. Shares rose 5% to 313p.

Michael Page profits rose by 20% to £90 million at constant exchange rates after a 7.1% rise in revenues to just over £1 billion.