As if Hong Kong wasn’t already plagued with a massive population of exorbitantly wealthy (and self-satisfied) businessmen, the city is expecting to see a further invasion of bankers, as job opportunities are set to increase in the financial sector.
In August, the Hong Kong Monetary Authority announced a five-year plan of sorts, wherein the city’s fund and wealth management industries will be enhanced to increase gains and returns. The aim is to further establish Hong Kong as the world’s – or at least Asia’s – leading financial centre.
To help wealth management departments move things along, quantitative analysts with strong programming skills will be shipped in to engineer algorithmic and electronic trading systems, according to Hong Kong Business. Similarly, both regional and international companies are looking to optimise returns in volatile markets with quantitatively driven approaches. Yeah, we don’t know what that means either.
Furthermore, due to the fact that Hong Kong is the world’s gateway to China and thus the best platform on which to increase Mergers &Acquisitions involvement with the Chinese, investment bankers with Mandarin-speaking abilities are in high demand to write, pitch and negotiate with clients across the border. In this case, we sincerely hope that Hongkongers put their Canto pride aside and actually learn Mandarin before the mainlander bankers start arriving by the truckload. Double trouble.
As companies refocus their efforts and resources to corporate banking systems for a steady stream of income, an assortment of fancy Managers, Approvers and Banking professionals will be introduced to the Hong Kong scene to up the skill-sets and increase revenue growth.
This basically means: more dudes in suits, more money, more pomp. So when you’re out on Wyndham Street or in SoHo, be prepared to overhear even more conversations about how Hong Kong’s really not THAT expensive. It is, just not if you’re paid a ridiculous salary.
No, we’re not bitter at all.
Photo: Giuliano Maiolini via Flickr
