Société Générale is hiring i-bankers in Asia again as it launches a new global capital markets platform from its Hong Kong hub. The French firm is providing debt and equity solutions to issuers wanting to access European capital markets.

Yves Jacob, who was previously director of Soc Gen’s Paris-based corporate origination team, is leading the Asian business. He says the bank will grow its headcount to strengthen its service quality across capital markets.

“Fixed income and FX sales recruitments are in progress. Senior investment bankers are being recruited to strengthen our M&A and advisory platform. We will also slightly develop our research teams,” Jacob tells eFinancialCareers.

Most of these new recruits are being found by specialised search firms in Asia and Europe, he adds.

Soc Gen’s announcement comes at a time when capital markets activity has driven investment banking revenues in Asia-Pacific this year, with an unprecedented three-quarters of income underpinned by equity and debt issuance, according to data provider Dealogic.

But Soc Gen’s hiring activity may also be the exception rather than the norm. There is no general increase in demand in ECM/DCM, either a senior or junior level in Hong Kong, says James Carss, director of banking and financial services at Hudson.

“Potentially we may see some in the near future but not as yet. The candidate market in this area is pretty strong with available candidates, both in Hong Kong and those looking to relocate from overseas," adds Carss.

In the meantime, compensation for i-banking positions has reduced significantly, says Bryan Lim, a director at Recruitment Intelligence Consultants in Hong Kong.

"In order to compensate for the lower bonus payout, banks have structured themselves to pay a higher base salary in order to continue to attract good candidates to join them," he explains.