Discover your dream Career
For Recruiters

Singapore banking pay is becoming more miserable versus Hong Kong's

APAC’s bankers, on paper, had a pretty flat year for bonuses, our 2024 salary and bonus report showed, but those numbers hide a story of two very different cities.

Get Morning Coffee  in your inbox. Sign up here.

Our report was based on the 6,000 responses we received to our survey which ran earlier this year. We queried financial services professionals in all corners of the industry, all corners of the world, and all levels of seniority.

(We're still having problems displaying charts on mobile, so please view this on a desktop for the moment).

The 0.2% average increase in bonuses across the Asia Pacific region concealed a big disparity between the trend for bonuses in Hong Kong and Singapore. Hong Kong bonuses rose in 2023; Singaporean bonuses fell.

Hong Kong bankers had a very strong year in terms of compensation. From a 60% increase in bonus for vice presidents (VPs) to a 19% increase for junior ranks (analysts and associates), all tiers of the Hong Kong finance hierarchy somewhat unexpectedly enjoyed higher bonuses than the previous year.

Singapore bankers had a very different experience. VPs and directors in the city saw year-on-year bonus declines of 39% and 36% respectively, the harshest falls in the region. Junior and senior Singaporean bankers were more protected from the falls, posting just 2% and 1% falls on average, respectively.

One tech VP in Singapore said that, in terms of workload, he was “performing a director’s role,” including extended work schedules that included weekends. “No one in their right mind would do this job given the workload and schedule,” he said. He also recommended his employer bump him up to director level or give him a 20% pay increase.

Have a confidential story, tip, or comment you’d like to share? Contact: +44 7537 182250 (SMS, Whatsapp or voicemail). Telegram: @SarahButcher. Click here to fill in our anonymous form, or email editortips@efinancialcareers.com. Signal also available.

Bear with us if you leave a comment at the bottom of this article: all our comments are moderated by human beings. Sometimes these humans might be asleep, or away from their desks, so it may take a while for your comment to appear. Eventually it will – unless it’s offensive or libelous (in which case it won’t.)

author-card-avatar
AUTHORZeno Toulon

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.

Boost your career

Find thousands of job opportunities by signing up to eFinancialCareers today.
Recommended Articles
Recommended Jobs
Global Sage Hong Kong
Family Office Investment Associate/Manager
Global Sage Hong Kong
Hong Kong
ICBC Asset Management (Global)
Investment Analyst
ICBC Asset Management (Global)
Hong Kong
Charterhouse Partnership Singapore
Private Equity Analyst / Associate
Charterhouse Partnership Singapore
Hong Kong
Target Partners Executive Search
Regional CFO/Deputy CFO
Target Partners Executive Search
Singapore

Sign up to Morning Coffee!

Coffee mug

The essential daily roundup of news and analysis read by everyone from senior bankers and traders to new recruits.