Another global bank moves talent out of Hong Kong due to excessively strict COVID-19 measures.
At least a dozen traders from Societe Generale will relocate from Hong Kong to Singapore, according to a «Bloomberg» report that cited unnamed sources.
The traders work across fixed income and equity derivatives and will be based in the city-state for at least eight weeks beginning in April. It is unclear if they will stay there longer. Conversations on the issue are ongoing with some staff who are eager to work temporarily from mainland China or Australia in order to see their families, the report added.
Talent Exodus
Hong Kong’s talent exodus has been well documented, particularly in the financial sector. Other global banks have made similar moves including Bank of America, Citi and J.P. Morgan, which is even reportedly planning for an overnight evacuation of staff from Hong Kong to Singapore.
The severity of the issue has led Hong Kong leader Carrie Lam to make a public admission for the first time this week at a press conference that the city’s unpopular zero-Covid measures may have contributed to a brain drain, adding that it is now «hard to tell» whether the top priority should be reopening with mainland China or the rest of the world.
