, Hong Kong
142 views
Photo from HSBC website.

Hong Kong investment bankers risk losing jobs as banks cut costs: report

About 200 bankers in the city have reportedly lost their jobs in the past year.

Hong Kong investment bankers face more job cuts amidst a slowdown in initial public offerings (IPOs) and as employers look to trim highly compensated staff, reports Bloomberg.

An estimated 200 Hong Kong bankers reportedly lost their jobs in the past year, Bloomberg Intelligence senior analyst Francis Chan wrote in a report.

ALSO READ: China investment banks report dismal fees as IPOs and M&As fall to decade low

Morgan Stanley and HSBC are amongst banks who have made cuts to their investment banks in April– with Hong Kong and China reportedly bearing the brunt.

With pay for senior bankers that’s 40-70% higher than peers receive in Singapore, Hong Kong bankers may find their compensation becomes a “curse” as employers cut back, Chan wrote.

ALSO READ: Hong Kong launches new credit reference operating model

“More global banks may further trim workforces in the city to achieve bigger cost savings, especially during China’s slowdown,” he said.

Problems plaguing Hong Kong’s investment bankers are nothing new. Earlier in 2023, hiring experts told Asian Banking & Finance that some financial institutions have enacted informal hiring freezes and even some layoffs. Focus has shifted from hiring to maximising current employees’ productivity, the experts said.

Read more from Bloomberg:

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

HK leads in business confidence index in GBA
However, the current performance index for business activity dropped to 50.6 from 54.1.
Economy
EMSD rolls out Green Welfare NGOs scheme applications
First batch applications will open on 14 October, whilst second batch opens on 30 November.
Hang Seng indexes to include Alibaba-W
This move further enhances mainland Chinese investors' access to its shares.