HK bankers got biggest bonus rise last year, beating Singapore

24-Mar-2011 Intellasia | Reuters | 7:01 AM Print This Post

Hong Kong-based bankers got an average bonus jump of 25 percent for 2010, nearly double the increase received by counterparts in Singapore, as the Chinese territory enjoyed a record year for IPOs, jobs portal eFinancialCareers said on Tuesday.

Bankers in Australia saw an average 13 percent rise in bonus, similar to Singapore and well above the 5 percent average increase in Britain. Those in the United States were the worst off with a 5 percent drop in average bonus, according to a global survey by the jobs portal.

The survey, which took place between January 4 and February 14 this year, collected responses from 6,364 financial markets professionals in Singapore, Hong Kong, Australia, the United States and Britain.

“Hong Kong is perhaps more front-office driven and they had a record year in terms of IPOs and activities coming out of China,” eFinancialCareers’ Asia Pacific head George McFerran said at a media briefing.

People walk past a Citibank branch in Hong Kong January 19, 2006. Asia's investment bankers, emboldened by fat bonuses and unprecedented demand for their services, are poised to job-hop at a dizzying pace.
(Photo: REUTERS / Paul Yeung)

“That probably fuelled the greater bonus increase in Hong Kong versus Singapore.”

Hong Kong’s stock market last year raised HK$445 billion ($57.1 billion) via initial public offerings, higher than anywhere else in the world. The Singapore Exchange, in contrast, managed just S$11 billion ($8.7 billion).

Despite the higher bonuses, eFinancialCareers said 49 percent of Singapore bankers and 45 percent of Hong Kong bankers indicated that they were looking to change firms this year.

eFinancialCareers did not have the data on attrition rates for the previous year.

But while Hong Kong and Singapore remain the best places in Asia for bankers looking to earn megabucks, bankers in mainland China are likely to enjoy the biggest pay rise this year, according to a separate survey by recruitment consultancy Michael Page International.

The average salary increase across mainland China’s financial services sector this year is expected to be 6-8 percent, higher than 4-6 percent in Singapore and 3-4 percent in Hong Kong, partly due to the talent shortage in the market.-By Eveline Danubrata


Category: Singapore

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