Banks including JPMorgan continue to recruit in equity derivatives as the sector looks set to survive the credit crunch comparatively unscathed. JPMorgan’s Asian team has grown from five to 45 since 2003 and headcount will continue to rise to meet Indian and Chinese demand, according Ong Tsui Keng, the bank’s executive director for equity derivatives.

Ong tells us: “The expansion came as a result of the need to cover new markets, among them Malaysia and China. There was also increasing demand from existing markets and product areas like Korea, Taiwan, as well as the private banking sector.”

More equity derivatives hiring will happen once the Bear Stearns merger is ironed out, says Ong. “We are likely to look into resources for specific markets like India and China.”

But breaking into this sector is getting tougher. Ong adds that recent JPMorgan recruits have been at VP level and above – “the people who are able to bring in new clients”.

Mark Taylor, managing director of recruiters WoodHamill, says recruitment is also buoyant at other banks in Hong Kong and Singapore, but he agrees that juniors are no longer in demand. “Because of headcount pressure from the top, hiring is only for those with experience – the people who have existing client relationships.”

The jobs market in Singapore has stayed steady over the past year as the Lion City starts to challenge Hong Kong’s traditional dominance in equity derivatives, says Stanley Teo, a director at Profile Search and Selection.

The i-banks are mainly after people whose customers are private banks and hedge funds, but retail products are also becoming more popular.

A VP in equity derivatives should expect a base salary of about SG$200k, says Teo.