Singapore saw a harsh 40% slash in bonuses for those in similar positions in Hong Kong
SINGAPORE: In 2023, Singapore bankers received lower salaries and bonuses than their Hong Kong peers.
Base salaries also played a part. Vice-presidents in Hong Kong pocketed an average of US$163,934 , while their counterparts in Singapore made slightly less, with an average of US$152,446 . According to the report, “All tiers of the Hong Kong finance hierarchy enjoyed higher bonuses than the previous year… Singapore bankers had a very different experience.”The Covid-19 pandemic played a significant role. With its strict zero-Covid stance and prolonged border closures, Hong Kong faced capital and talent outflows, compounded by a slower-than-expected recovery in mainland China.Serena Fernando, a senior consultant at Robert Walters in Singapore, shed some light on the situation.
Globally, the financial services sector witnessed modest growth in bonuses. Bankers involved in mergers and acquisitions saw their bonuses decline by an average of 4%, reflecting subdued deal activity in 2023.However, it’s not all about the money. The eFinancialCareers survey revealed that high compensation didn’t necessarily translate to job satisfaction.
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