Shanghai or Singapore? Hong Kong bankers look for relocations

Posted by PSR_AXP 2 mths ago
JPMorgan has joined the list of western banks looking to relocate some of its top talent out of Hong Kong, but instead of Singapore, the U.S. bank wants to move a small number of rainmakers to mainland China as draconian covid restrictions mean they have to spend lengthy periods of time away from their families.
The exodus from Hong Kong is real, but it's particularly acute for bankers with families now that finance professionals are working from home again. “Hong Kong flats are not big, and we both work in banking,” said one senior banker. “Throw in three kids and a dog and it's tough.”
The answer increasingly seems to be a temporary relocation, with bankers looking to sit out the pandemic in Shanghai or Singapore. “Covid won't beat Hong Kong or change its long-term attractiveness, but short-term it’s difficult” said one western banking executive who lived in Hong Kong for seven years.

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