Hong Kong Talent War Means New Bank Hires Get 30% Jump in Pay
- Bank branches, insurers, wealth managers face staff shortages
- Jobless rate drops to four-year low as economy rebounds
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An exodus of workers and a surge in new business from China have combined to spark a talent war among banks and insurers in Hong Kong, driving up wages for new recruits by as much as 30% in the Asian financial hub.
While investment banks are cutting staff as China deal flow stalls, it’s a different story for other parts of the sector, including insurance, bank branches, back office and wealth management. Natixis SA estimates there are roughly 4,000 unfilled jobs in the industry.