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Hong Kong losses lustre as global bankers, traders prefer Singapore

Global bankers and traders appear to have shied away from job opportunities in Hong Kong, choosing Singapore instead, according to headhunters. Once a magnet for international financial talent, Hong Kong is now having a hard time recruiting candidates other than those who are already in the city. No amount of money is going to convince a candidate to go to Hong Kong, according to Jason Kennedy, founder of London-based recruiting firm Kennedy Group. The city’s strict zero-Covid policies have reportedly made experienced bankers and traders frustrated, coupled with international travel restrictions that are making it difficult for head offices to operate. Hong Kong has more than 273,000 financial services jobs and has long been the Asian hub for giants such as HSBC and Goldman Sachs. Business groups, however, have been sounding a warning that the city’s status as a financial centre is increasing at risk.

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