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Banks bulk up in Hong Kong as China business overshadows politics - Netscape Money & Business

Banks bulk up in Hong Kong as China business overshadows politics - Netscape Money & Business
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United kingdomHong kongSara chengScott murdochCiti asia pacificKane wuWeijian shanOlga yungEdward tobinLok yimSumeet chatterjeeAnthony fassoJimmy laiKaleem rizviAsia pacificAlun john

Banks bulk up in Hong Kong as China business overshadows politics

5 Min Read HONG KONG (Reuters) - Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city’s unique position as a financial gateway to China is outweighing concerns about Beijing’s tightening grip over it. FILE PHOTO: A Star Ferry boat crosses Victoria Harbour in front of a skyline of buildings in Hong Kong, China June 29, 2020. REUTERS/Tyrone Siu Goldman Sachs Group Inc, Citigroup Inc, UBS AG and other banks are each hiring hundreds of people in the city this year, adding substantially to their existing ranks.

United kingdomHong kongSara chengScott murdochCiti asia pacificKane wuWeijian shanOlga yungEdward tobinLok yimSumeet chatterjeeAnthony fassoJimmy laiKaleem rizviAsia pacificAlun john

Special situations vacant: the war for talent in Hong Kong

Bankers with experience in distressed trading special situations are in red hot demand as banks and asset managers staff up. “The focus is on talent from mid-level up to managing director and that is in scarce supply, so demand is high,” says Olga Yung, Regional Director at Michael Page. She says banks are paying a 30% premium to standard base salaries as they staff up. Demand is coming from a variety of sources. They include Chinese investment banks which are establishing special situations teams for the first time in Hong Kong. Last year, Haitong Securities entered the market when it hired Nan (Phil) Wang from UBS as head of loan capital markets and special situations. In May 2020 It also hired Linus Lee from Fortress Investment Group.

Hong kongEthan chanLinus leeOlga yungNan phil wangFortress investment groupRegional directorHaitong securitiesFortress investmentHuatai financialHuatai securitiesHuatai special opportunitiesGreater chinaArte capital managementஹாங் காங்ஈதன் சான்