Hong Kong bankers’ exodus accelerates amidst strict quarantine rules: report

UBS recently shifted to two senior bankers and might move eight more to China.

Tight quarantine restrictions and keenness to expand in the world’s second-largest economy are spurring global lenders to speed up the relocation of bankers from Hong Kong to China, reported Bloomberg, based on anonymous sources.

UBS Group recently shifted two senior bankers and is in discussions to move another six to eight to China, according to sources, who asked not to be named discussing an internal matter.

Credit Suisse Group moved a handful of roles to China in recent months.

JPMorgan Chase & Co also reportedly plans to move more dealmakers to grow offices in Shanghai and Beijing, sources said.

Whilst global banks have been beefing up as China opened its US$54 trillion market further last year, the strict quarantine rules in Hong Kong and on the mainland are now accelerating a shift out of the financial hub.

Here’s more from Bloomberg.