HSBC Sees Talent War Driving Up Asia Wages Amid Global Job Cuts
This article is for subscribers only.
HSBC Holdings Plc, which plans to eliminate 30,000 jobs globally by the end of 2013 to curtail surging salary costs, said a “war for talent” in Asia will drive up compensation for bankers in region.
“The turnover in Asia-Pacific for every bank, for the industry, is quite high,” Peter Wong, chief executive officer for London-based HSBC’s operations in the region, said in an interview today. Rising salary levels, bolstered by an average 18 percent attrition level, “will always be an issue,” he said.