HONG KONG - Global investment bank and asset manager chiefs are reuniting in Hong Kong next week amid geopolitical tensions and China's economic slowdown, seeking to redefine their position in the world's second-largest economy and its offshore financial hub.
The executives are coming to Hong Kong as the city has shed hundreds of banking and asset management jobs because of the slowdown in China dealmaking and the tightened regulatory grip on the market since the inaugural summit last year. That meeting was billed as Hong Kong's comeback as a global financial hub following the disruptions of the COVID-19 pandemic.
Trading volumes have also slumped as foreign investors reduce exposure to a China they view as increasingly isolated by its opaque policies, struggling property sector and crackdowns on private enterprise."The structural slowdown in China's economy, the omnipresent risk that U.S.
The surprise merger between Swiss banking rivals UBS and Credit Suisse resulted in a brutal 80% reduction in the Credit Suisse investment banking staff in Hong Kong in August.John Mullally, recruiter Robert Walters' Hong Kong managing director, said hiring in private banking remains active, helped by wealth coming out of China to Hong Kong after the border reopened.
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