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Some investment bankers who moved to Singapore during the strict COVID-19 curbs are trickling back to Hong Kong. One Wall Street bank has shifted back almost half of those who left, while at UBS about a third of two dozen staffers who relocated have returned, according to executives who declined to be named because the information isn’t public.
Singapore’s smaller capital market means it can’t compete with Hong Kong on dealmaking or equities, which are among the biggest drivers of Wall Street’s Asia revenue. The total value of companies on Hong Kong’s stock market is about $5 trillion, more than 12 times Singapore’s $400 billion. Less than $20 million was raised from initial public offerings in Singapore in 2023, down 95% from a year earlier. That’s a fraction of the $3 billion generated by IPOs in Hong Kong, which represents a drop of 68% from the previous year.
A housing boom in Singapore has driven up already high rental costs, closing much of the affordability gap with the historically more expensive Hong Kong. Meanwhile, Hong Kongers in finance tend to earn more. Their average total compensation, including both salary and bonus, approaches $300,000—52% higher than in Singapore, based on eFinancialCareers’ 2022 report. Some financial professionals who made the move between the two cities confess they miss Hong Kong’s nightlife and general chaotic buzz.