Expat bankers in Hong Kong not yet ready to quit

As the Hong Kong protests become routine, the expected mass expat exodus of banking professionals to Singapore has failed to materialise.

Although it’s certain that all expatriate bankers in the besieged city are fully aware of the risks of either going or staying, there seems now to be a common consensus that keeping a close eye on proceedings as well as an open-ended flight ticket is what’s needed now, rather than an undignified rush to secure a new job. It’s true the image of expat bankers suggests mercenaries who’re only there for the money, but most long-stayers with families regard the island as their home and would be more than sad if forced relocation was the only option.

The current situation, they believe, isn’t by any means a representation of the Hong Kong they’ve grown to love.The vast majority of expatriate professionals agree, saying if the location was just another convenient destination for making money, leaving would be far easier, but the advantages of Hong Kong still outweigh the downside of political insecurity and the threat of the Chinese military presence across the bay. The clashes between protestors and police, they say, don’t mean it’s now not possible to continue to access the beauties of nature in the island’s underpopulated hinterlands. Another reason for staying put is the traditional resilience of the tech and banking job market, with new vacancies in the virtual bank sector expected to be launched in the near future.

Most expats don’t even access the areas occupied by the protestors every weekend, with many saying they’ll only leave if their personal safety and security is threatened by vastly increased violence or a severely increased threat by the Chinese military. Even now, Hong Kong is far safer than London and the majority of USA cities, but a tightening up of existing freedoms including freedom of expression and the ability to transfer money to the home country may be the last straw for many professionals. According to one banker-turne -recruiter, many expats are quietly exploring alternatives for their personal Plan B, but aren’t committing themselves as yet.