Page 6 - Greg Guyett News Today

Hong Kong’s status as a magnet for international financiers is cratering as firms struggle to coax traders and bankers to move to the once vibrant trading hub. Seeking to fill jobs, headhunters are finding that they can only recruit candidates who are already in Hong Kong. The crunch comes as the former British colony is dealing with a growing outflow of expatriates who are frustrated with the territory’s strict “zero COVID-19” policies. They are abandoning a territory where low taxes,...

Candidates "would rather choose Singapore", says one recruiting firm founder. . Read more at straitstimes.com.

Strict COVID-19 policies are prompting finance professionals to abandon a city with low taxes, ease of travel, top class schools and a vibrant night-life.

(Bloomberg) -- Hong Kong’s status as a magnet for international financiers is cratering as firms struggle to coax traders and bankers to move to the once vibrant trading hub. Seeking to fill jobs, headhunters are finding they can only recruit candidates who are already in Hong Kong.

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HSBC says the red hot recruitment market is driving up pay.

The second most important person at HSBC in HK.

Ginsburg, Asia-Pacific chairman at Fitch, is set to become HSBC’s top Asia deal maker, petrol station a void left by the departure of Peter Enns earlier this year, people familiar said.

Latest job changes across the industry

The race for investment banking talent in Hong Kong and mainland China is forcing up compensation to record levels. This week, HSBC’s chief financial officer Ewen Stevenson admitted that the bank may have to pay up as it looks to expand across Asia. “We may need to top up our current pool assumptions as the year progresses,” he told analysts on a call on April 27. “If we are seeing competitive pressure in areas like Asian wealth and investment banking more broadly, we have to be in a p...