In the months after Lehman Brothers collapsed, Chinese financial institutions conducted a series of high-profile recruitment drives in New York and London. The aim was to attract Chinese professionals working overseas back to the relative tranquillity of home. The problem is that the local institutions taking part were looking to sign up new employees on the cheap.
This strategy of bargain hunting stands in contrast to the hiring activity last year of Japanese banks like Nomura and Daiwa, which were willing to pay market prices when they went looking to boost their headcount.
In some cases, the domestic firms were ...
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