Major international banks are reportedly redeploying senior executives to the city while stepping up hiring with Hong Kong’s stock market rebounding and initial public offering fundraising reclaiming the world’s top spot, according to Financial Times.
Deutsche Bank, JPMorgan Chase, Standard Chartered (2888), Citigroup and DBS are all expanding their local presence, the report said.
According to the report, recruitment firm Links International said mandates from financial institutions to fill roles in Hong Kong have jumped 30 to 40 percent from last year, citing stronger IPO and mergers and acquisitions activity as the main drivers.
Deutsche Bank has relocated 50 staff over the past two years, lifting its trading team by 10 percent. JPMorgan has added 16 new managing directors this year, while Standard Chartered has brought in 10 senior executives and a global head. DBS is expanding its wealth management teams in Hong Kong and Singapore by 100 relationship managers, and Citigroup plans to grow its wealth advisory staff in the two hubs by 10 percent.
By contrast , the report noted Singapore faces mounting concern over competitiveness.
Singapore Exchange chairman Koh Boon Hwee warned in September that if top domestic companies continue to list overseas, the city-state may retain its role as a bookkeeping hub but risk losing talent, innovation and high-value profits to other markets.
