Global financial groups are ramping up hiring in Singapore and shunning Hong Kong as concerns over Beijing’s sweeping national security law in the Chinese territory spur the relocation of key roles.
Banks are looking to hire up to eight times as many employees in the rival regional financial hub, in what recruiters describe as an under-the-radar shift aimed at reducing staffing levels in Hong Kong while avoiding angering the Chinese government.
A December survey of LinkedIn data conducted by the Financial Times found eight times as many jobs available in Singapore at UBS and JPMorgan as in Hong Kong, while Credit Suisse, Goldman Sachs and Citibank were advertising more than double the number.
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