Discover your dream Career
For Recruiters
You'll have to be a high performer.

Banks take Hong Kong to Singapore relocations on a ‘case-by-case’ basis

Bank staff continued to relocate to Singapore from Hong Kong in 2022, although big banks say that this is not part of a concerted push.

A senior HR professional at an international bank said banks have facilitated relocations at the request of staff, but are not actively shifting resources out of Hong Kong.

The professional said the bank had allowed a handful of staff to move depending on whether they were top performers. “It’s been very much on a case by case basis,” he added.

Banks have been building out their presence in South-East Asia, enabling Singapore to steal a march on Hong Kong by operating with fewer restrictions. But bankers say many moves are temporary and dependent on personal circumstances.

For example, Caroline Hsu, the co-head of financial sponsors for APAC at UBS Investment bank, has temporarily moved to Singapore for family reasons. “It has nothing to do with any strategic shift,” said a source.

China’s move to relax Covid restrictions following demonstrations has been welcomed as a potential catalyst for a recovery in investment banking revenues in 2023.

“When you look at fee pools, Hong Kong and Greater China are still the big revenue generators. 2022 has been tough but as China re-opens, activity will rebound,” said one M&A banker at a US firm.

Another banker who relocated to Singapore told eFinancialCareers that the move had been more expensive than they anticipated. “We thought we’d save a fortune, but school fees have gone up massively with an influx of expats. By contrast, I talk to my friends back in Hong Kong and the waiting lists for international schools have disappeared.”

Click here to create a profile on eFinancialCareers. Make yourself visible to recruiters hiring for top jobs in technology and finance. 

Have a confidential story, tip, or comment you’d like to share? Contact: sbutcher@efinancialcareers.com in the first instance. Whatsapp/Signal/Telegram also available (Telegram: @SarahButcher)

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORDavid Rothnie Insider Comment

Apply for jobs

Find thousands of jobs in financial services and technology by signing up to eFinancialCareers today.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Jobs
Pearse Partners
Hedge Fund Equity L/S Analyst
Pearse Partners
London, United Kingdom
Capstone Investment Advisors (UK) LLP
2023 Investment Graduate Rotation Program
Capstone Investment Advisors (UK) LLP
London, United Kingdom
Credit Flow Trader - London
London, United Kingdom
Fourier Ltd
Junior Quantitative Researcher
Fourier Ltd
London, United Kingdom
Selby Jennings
Short Term Markets Manager
Selby Jennings
London, United Kingdom