Hong Kong bankers are upset about the finance summit

A banking summit aimed at reviving Hong Kong’s status as an worldwide hub for finance adhering to two decades of lockdowns has drawn a mixed response.

Last week, the Hong Kong CEO John Lee welcomed the bosses of large western financial institutions, with Goldman CEO David Solomon, Morgan Stanley manager James Gorman, and UBS chairman Colm Kelleher among the the top executives who flew in.

Lee advised an audience of much more than 200 members from 20 international locations that Hong Kong is open up for business “We ended up, we are and we will continue being 1 of the world’s leading financial centers,” Lee said. “You can just take that to the bank.”

The financial investment summit, which also co-incided with the Hong Kong rugby sevens match, was designed to position Hong Kong as open for organization.  The financial institution bosses appeared to give the information a careful welcome. “While we’re all quite pro-China,” Gorman said that the the financial institution was “waiting for zero-Covid to open up up in China and see what will come about.”

Whilst the financial institutions attending the summit built positive statements, their actions betrayed a unique truth. Goldman, Morgan Stanley and UBS are amid the western banking institutions reducing headcount in mainland China as they grapple with growing geopolitical tensions amid a collapse in deal volumes. Morgan Stanley is established to slice a range of China-targeted bankers as portion of a program to lower 50 financial commitment banking positions throughout Apac, when Goldman has laid off all-around 30 bankers in the region. Credit Suisse bankers in Singapore are fearful that they will be experience severe cuts. 

The investment decision bankers we spoke to also mentioned the distinction concerning the effusive welcome extended to their bosses and the fact for colleagues travelling to Hong Kong.  

“Delegates had been ready to blend freely in places to eat and there didn’t feel to be any limits,” claimed a single. I’m flying to Hong Kong upcoming 7 days and will never be authorized to go into a grocery store, bar or cafe for a few times. So it is a little bit early to say that Hong Kong has absolutely re-opened.  It feels a little bit like just one rule for them and a further for us.”

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Photograph by Yaroslav Muzychenko on Unsplash

Christopher Lewis

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