Exodus of Hong Kong Bankers Accelerates in Chase for China Deals
- UBS, Credit Suisse among lenders shifting bankers to mainland
- China opens $54 trillion financial market to foreign banks
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Global lenders are speeding up a relocation of bankers from Hong Kong to China to expand dealmaking in the world’s second-largest economy, partly spurred on further by tight quarantine restrictions.
UBS Group AG has recently shifted two senior bankers and is in discussions to move another six to eight to China, according to a person familiar with the move who asked not to be named discussing an internal matter. Credit Suisse Group AG has moved a handful in recent months and JPMorgan Chase & Co. plans to move more dealmakers to growing offices in Shanghai and Beijing, people familiar said.