Goldman, BofA Bankers Stranded by Hong Kong’s Covid Flight Ban
- At least a dozen managing directors stuck in ‘high-risk’ zones
- Banks are paying for workarounds to get key executives back
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Executives at banking giants including Goldman Sachs Group Inc. and Bank of America Corp. are struggling to return to Hong Kong after the city banned flights from eight countries, part of an outlier Covid Zero strategy that’s threatening its appeal as financial hub.
At least a dozen Hong Kong-based managing directors at banks, also including Morgan Stanley and UBS Group AG, are stranded in countries from the U.S. to Australia, said people familiar with the matter, who asked not to be named discussing internal business. Those stuck include division heads in investment banking, wealth and asset management and other functions, the people said.