As Financial Institutions Bounce Back, U.S. Banks Flex Muscles in the East

New York, NY, (March 29, 2010) With Asia continuing to play a vital role in the global economy, Vault.com today unveiled its Guide to the Top 25 Asia Pacific Banking Employers.  The guide presents jobseekers with the inside scoop on the most prestigious banking employers, highlighting how banks have adapted to the economic crisis.   

News coming out of the rankings includes:


“It's no surprise that Goldman Sachs topped the rankings.  Although its reputation has been tarnished, largely due to the fact that it's still paying employees billions in bonuses, Goldman has survived the worst of the financial crisis and is back doing what it does best: making boatloads of money,” said Derek Loosvelt, Vault finance editor.  “What is surprising, though, is how close J.P. Morgan came to beating Goldman in the rankings. Perhaps it's a sign of just how severe of a hit Goldman's reputation has taken, or a reflection of the good job J.P. Morgan has done during the crisis, but either way, I wouldn't be surprised if J.P. Morgan makes a serious run to dethrone Goldman in the next couple of years.”

The Top 10 firms based on Vault’s Annual Banking Survey are:
 
 
The Top 25 Asia Pacific Banking Employers were derived from Vault’s Annual Banking Survey, conducted last year.  Banking professionals were asked to rate banking firms on a scale of 1 to 10 based on prestige (they were unable to rate their own firms, and asked to only rate firms with which they were familiar).  Vault averaged the prestige scores for each firm and ranked them in order.  

Goldman Sachs, J.P. Morgan, Morgan Stanley and Blackstone Hold Strong

Goldman Sachs’ dominance knows no bounds.  Ranked #1 in Vault's North American and European banking rankings, the New York giant was also considered the most prestigious of banking employers in the Asia Pacific region.  After an amazing recovery, Goldman Sachs posted record numbers, but received some criticism from those who second-guessed its bonus strategies.  In terms of employment, Goldman is a “great brand name,” has a “strong and friendly corporate culture” and provides “great responsibilities” for its employees. However, its detractors believe Goldman’s “expectations are too high,” and its employees work “under extreme pressure with tight deadlines.”

In addition to Goldman Sachs, the rest of the top-five standings were very similar to Vault's North American and European rankings, with J.P. Morgan poised to challenge Goldman Sachs for the #1 spot next year.  Respondents like J.P. Morgan for its “scale, scope, and prestige”; “quality of training and development”; and allowing “entry-level ownership on projects.”  Detractors note the "relatively long hours” workers put in, the “need to improve global connectivity” and the bank’s “cautious approach.”

Macquarie Group and Nomura Holdings Coming Up Strong

Though Macquarie and Nomura do not currently have a strong representation in North America, the banks continue to make their presence felt in the Asia Pacific market.   Best known in its home country of Australia, Macquarie is also strongly represented in China, Hong Kong, India, Japan, Korea, Malaysia, New Zealand, the Philippines and Singapore.  Ranked #12, the bank is currently beefing up its operation in America with industry insiders believing it could become a top-20 bank in the U.S. market in the near future, and could eventually become a global power. 

Well known in Asia, Nomura’s acquisition of Lehman Brothers’ assets across Asia, the Middle East and Europe enhanced its worldwide operations, earning it a #13 ranking.

“Look for Nomura as well as Barclays—the firms that picked up the Lehman pieces—to make a big push in the coming years,” Loosvelt said.  “Lehman Brothers the firm might be dead, but its former employees, many of whom were big-time dealmakers, live on.”

In addition to the prestige rankings, the Vault Guide to the Top 25 Asia Pacific Banking Employers contains profiles of the top banks, giving readers an insider’s perspective of each firm, revealing information on revenue, company plusses and minuses, employee contacts and getting hired.  The Vault Guide to the Top 25 Asia Pacific Banking Employers is available by ordering through Vault.com.

About Vault
Vault.com is the Web’s most comprehensive resource for career management and job search information, including insider intelligence on salaries, hiring practices and company cultures. Vault features thousands of profiles on occupations, industries, companies and universities, as well as career-related articles, videos, blogs and research tools.  The company publishes more than 120 print and online titles, from the best-selling Vault Guide to the Top 100 Law Firms to the Vault Guide to Green Programs. Vault’s clients include Fortune 1000 advertisers and recruiters, the country’s top universities and graduate schools.

CONTACT:
Jon Minners
jminners@vault.com
646-792-6205