HONG KONG - Disillusioned Chinese bankers and fund managers are giving up careers in a finance sector where government campaigns and regulation have coloured prospects to the extent that areas as varied as education and even stand-up comedy seem preferable.
"Educational services is a stickier business," said Xu, who aims to tap into "a growing trend for people to study or migrate to Hong Kong or Singapore" for an international experience in an affluent, nearby and culturally similar location. Many hedge funds could not even benefit from the record-breaking stock market rally as data-based strategies failed to predict surprise policy shifts, leaving short positions in loss.
The arrest and detention of bankers also represents an increased risk of doing business just as compensation is effectively falling, said a former investment banker who quit his job last year and moved abroad. Given the prospects, veteran banker Gu Zaifeng formerly of Zheshang Securities volunteered to become a village secretary in rural Shandong province this year.
"Nowadays, everywhere in this industry, you come across deadbeat investors and entrepreneurs on the verge of life and death," venture capitalist Wu Shichun said during a stand-up comedy show in June broadcast via his WeChat account.
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