HK Bankers Are Losing Their Jobs to Mainland China Rivals



ORIGINAL POST
Posted by Ed 19 days ago

Hong Kong’s homegrown investment bankers are rapidly losing their status as the city’s go-to dealmakers, supplanted by mainland Chinese rivals who now hold a majority of senior jobs in Asia’s biggest financial hub.

 

While the shift has long seemed inevitable given the expanding pool of mainland talent and dominant role of Chinese issuers in Hong Kong, the recent pace of change has jolted even some industry veterans. They say it’s partly explained by a reluctance among Chinese securities firms to hire and promote Hongkongers after anti-government protests rocked the former British colony in 2019.

 

Locals’ share of investment banking jobs in the city has slumped to about 30% from 40% two years ago, with 60% of roles now filled by mainlanders and 10% by overseas nationals, according to Robert Walters Plc, a recruiting company. The trend has been similar in the industry’s upper echelons, where mainlanders account for more than half of senior roles, estimates from executive search firm Wellesley show.

 

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COMMENTS
worthmanalice 19 days ago
China economy is 15% of the world economy. Actually it is not easy to earn money from Southeast countries. Singapore is just another sate of China in finance. Nothing special. A lot of mainland Chinese business people do not earn enough money. in China.

A lot of companies would not let go 60% with the democracy countries. They focus on 15%, it does not mean that mainland Chinese own the world.

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