Singapore bankers took home less than their Hong Kong peers in 2023: Report

The base salaries of vice-presidents in banks differ, with those in Hong Kong earning an average of US$163,934 and those in Singapore, US$152,446.

Their base salaries also differed, with vice-presidents in Hong Kong earning an average of US$163,934 and those in Singapore, US$152,446. The findings are based on eFinancialCareers’ global survey of 6,000 respondents from February to March 2024, which looked at compensation and satisfaction of major financial centres and leading banks.Human resource consultants said the dynamics between the two cities have shifted with the Covid-19 pandemic, when China took a strict zero-Covid stance and kept its borders shut longer than Singapore, which chose to live with the virus.

Hong Kong is still generally perceived as the traditional choice for most banking institutions to set up operations in, even as Singapore remains the prime hub for South-east Asia. Those trading commodities saw their bonuses rise by 6 per cent, while those involved in equities were hit by a 1 per cent cut.

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