2018 has proved to be a big year for financial services. The new year is sure to usher in many changes to the industry, but that’s not to say that 2018 has been stagnant. We’re taking a look back at some influential events from the past year and considering where that will take us in the year ahead.
Low global interest rates made for an interesting landscape. While the RBA and the PBC didn’t make a move, the Fed, the BoE and the BOC have started to make small moves towards higher rates. Investors aren’t responding in unison, nor have they all had the same approach. The October sell-off of the Dow Jones was viewed by some as an inevitable adjustment to overvaluation, but the effects were felt globally. US politics once again had an impact on confidence across global markets. A looming trade war between the US and China made everyone nervous, and the midterms proved that people are becoming increasingly wary of Trump’s government.
Brexit is scheduled for March 29 next year and although Theresa May has been working towards a smooth transition, negotiations have been rocky. While we’ve all had time to adjust to Brexit and the 21-month transition period will offer further time, it’s certainly going to impact global banks working across Europe.
Closer to home, the Australian banking royal commission has dominated news stories and discussions on financial services for months. While we won’t know the final decisions and changes to be implemented until well into next year, there have been some hints. Changes to commission structures, and boutique, less regulated firms are sure to be centre stage. Undoubtedly many businesses in the industry will feel the ramifications and it’s certain to be an interesting time.
We’re definitely in for an exciting 2019 and we wish all our clients and candidates a fantastic holiday season and great new year. We look forward to continuing to build relationships across Sydney, Melbourne, Singapore and Hong Kong in 2019. As always, please reach out to our team if we can help in any way.